May 15 Recap

This morning's plan:

Basically, scaling range between Wednesdays pivot at 586.5 and the put trigger. 10m was turning bullish with the ribbon holding nicely and consistently, but the negative H21 had me very cautious on further upside.

And, here's what happened. Basically, until 11a we bounced around in that zone. I chose to play puts at resistance. In hindsight the 'proper' direction was up BUT

because I entered puts at resistance, I was able to profit.

Two things to improve on. One, not expecting slash hoping for a breakout. I was biased to the downside, entered puts at resistance, but kept expecting slash wanting it to break down. Meanwhile turns out Saty is buying calls at the ribbon because it relentlessly acted as support and should assume it will hold as support until proven otherwise. Second, the bigger move is always after the breakout! I sized with confidence so was able to move the portfolio even though we were in a tight range. Had I waited for a clear break and then entered, the move was far more significant.

To be more specific, in both downside trades I managed to grab 10 points. The range was 17 points. The breakout move to the next day level was 30 points.

Moves down to the 10m21e consistently getting eaten up. Support!

Because of the hourly positioning I took puts in the pivot zone and covered at the 10m21e.

2 for 2 today in a scalpy range.

I'm very proud of how I focused exclusively on if we were at support or resistance. It simplifies my process while keeping me at a meaningfully advantaged position.