Following the big drop on Thursday, the market consolidated most of Friday – forming a low in the morning at 2420 ES and getting as high as 2439 ES.
I’m totally kicking myself for selling my SPY puts way way too early. Timed the entry perfectly but exited too early.
That’s the nature of good trading — two things have to be right in order to maximize profit. If one is good and the other is no good, then you don’t make money. Not easy to get both right.
I almost perfectly timed the SPY puts at 11:30am on Wednesday – when the E-mini S&P‘s were trading at 2470 ES.
I hate it when I enter correctly but exit too early – as I exited at around 2457 ES — still around a 13 point drop – but if you look at the chart – I left a mount on the table.
Our prediction last time was that if 2460 breaks, we would head lower.
It turns out going into that Fed Wednesday, we had one last 5th wave up oernight towards 2473 – and then two hours before the Fed announcement, the market started to move down.
So the above pink count is the correct one – which gave a marginal new high at 2473 before turning down.
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