IncomeSharks

$SPY - Morning pump on inflation coming in at 3.0% lower than expected 3.1%. Since a lot of the move was after hours we now have a big gap lower.

The 30 minute strategy is a little tough today and once again will only add if there is confirmation in either direction. We got Green then Red candle so not the ideal scenario for upside.

If support breaks can switch to puts on confirmation and play lower gap target but for now support still holding and so is resistance.

If up on the week no need to risk giving back profits, so can be safer playing confirmation or just holding the initial entry and watching.

$SPY - Been eyeing that gap since Tuesday and sure enough we just got it filled today. If you had held all the way to the gap target today you'd be looking at 5x returns. If you were happy with the quick profits it was a nice 2x.

As pointed out before the key to this strategy is doing it every day of the week because you never know which day is going to be the big winner. And also keeping your position sizes the same (or only adding on confirmation days) so that the days it doesn't work you only lose half or one unit size.

In hindsight today ideally if you went 1 size on the red color (first 30 minute close) and went another size on the confirmation, you could have closed the second trade for 100% to lock in gains, and let the other run for a 5x to fill the gap.

The success is finding a way that works best for yourself since everyone using different sizes and has different risks. A small account might want to hold all day, bigger accounts might be fine locking in earlier profits.

$SPY - We've gone from a trending/bullish market to a ranging market. This is why there's reason to be a little more cautious and be concerned because if this turns into a distribution channel we could see it lead to a bear market. If we consolidate in this channel and do push up higher it would just another accumulation (less likely but very possible for the rest of the year).

A ranging market is much tougher to trade where calls and puts can get chopped up and news is most likely to pump it to the top of the channel or bring it to the bottom of the channel.