Balanced Then Breakout on $SPY/$ES

Open this up.

Today was as range-based trading as it gets which works if you know how to finess the levels/markets.

One of the traders in The Trader Report Card, Mike, who I mentored this year pulled down a $2,000 day in this range which is great to see.

I on the other hand got long ES calls based on my plan that was posted last night. The good thing about learning to understand zones/price action is you can mold it to fit you. Many of you that read this blog want to copy someone exactly; it doesn’t work that way. You can duplicate a framework but you have to mold that to YOU.

Mike has done a good job of that and to do that in a range like this today is impressive.

$4220 is key on this market right now and PMI data tomorrow is REALLY important to see if price can drive higher. If we do, then this sets up some really nice reversal shorts this week as we may squeeze.

We closed so/so but this PMI data will decide whether we end up dropping down to $4140 area or breaking out to that zone you see above.

Below is the recap and my plan/analysis for tomorrow as we head into this PMI data and explain why sometimes I choose to fade entries v. wait for triggers.