August 6

Yesterday I wasn't as patient as I'd like to be. I wish I did a better job of narrating the previous 5+ 10m candles and would've been a bit clearer that we continued to move higher. I need to wait for an opposite candle before even considering the other side.

I want to act as if I'm trading futures. Set a clear stop and target. And, size small enough to not care about the in between. And, ATM so theta doesn't get me!

Daily

Yesterday Monday's high continued to be resistance and the D21 ultimately acted as support. We are very much still bullish.

4h

The 4h is pretty sideways. Structurally we're not downward biased but more immediately just sideways. There are some medium data releases premarket tomorrow and at 10a Friday. Today was simply fed speeches.SPX 4 hour is still bullish but with the 8e below the 21e. Still predominantly sideways but a large 50 point range. PDH is holding as resistance, for now.

Hourly

Bullish engulfing at 10a led to continuation back up to PDH / MD 618. Above is an important level, just like it was yesterday. We are entering the distribution area on the PO, but still very much point up. Ribbon is thin but trying to thicken. I could see a pullback to the previous swing high and in the ribbon before further upside. On SPX the hourly squeeze is trying to fire, but will need to wait until the close before confirmation. MD 618 is clear resistance, ribbon is support.

10m

Trend is clearly bullish. Dips to the 13e have been buyable. For 2.5 hours we've been flagging at the previous day high. We're at this moment coming off a high momentum candle off the ribbon creating a NHOD and closing over the previous HOD. The following candle closed above the previous day high and well above mid point of the previous candle. We've closed above the PDH and the 786. +1 ATR is the next and likely to hit target. SPX is showing the same thing. In both cases however the high we're reaching is holding as resistance with divergence. Potentially a scalp move down to the 10m 21e. But, I will wait for confirmation of a swing high on the 10m. I will be patient. If I miss it, no big deal, I will look out for a W with divergence in the ribbon, at support, to long.

Continued resistance here via 10m confirmation pattern. Then look for M with div on the 3m. Or, it breaks out to 1ATR without me. Or, I miss the reversal down to the ribbon, and I wait for previous support in the ribbon to get long, if it holds on a 10m closing basis.

Too early. Defer to the trend. Be more patient on the 10m. Really have to wait until obvious. Solid day. I did take the countertrend scalp. My mistake was wanting more and getting back in the trade worried I'd miss the bigger move that I was hoping for. The truth of the matter is I don't need a big move with 0dte. Just a few trades in the right direction.

I said at 2p "Dips to the 10m13e were buyable" Instead of scalping the move down to the 13e. Can wait extra patiently for price to react to the 13e again. Also aligned with the 786 level and PDH. Just wait wait wait wait on the 10m until obvious. Have to do it.