Three Aggressive Intraday Trades So Far – Tuesday, 07/31/18
Based on the S&P 500 Index Models’ outlook, forecast, and trading plans for Tuesday – published Monday night – here are the current positions of the models. (click here to read/verify the full report and the quoted trading plans’ details)
Medium-term/long-term Models
Published Trading Plan: “For Tuesday, the medium term models indicate a broad range of 2825-2795 band as the pivot for any trades. Above 2825, models indicate going long with a tight trailing stop (in the range of 10 points) and below 2795 is for going short with a tight trailing stop (in the range of 10 points). “.
==> Market Action: Today, Tuesday, as of 1:00pm EDT, the index registered a high of 2824.46 (yes, under one point from our models’ 2825 level mentioned in the forecast). As published, the models are monitoring for a break above 2825 – they currently indicate changing the long entry (buy) level to 2829.50, with a trailing stop of 10-points.
(click here to read on the conceptual workings of a trailing-stop)
(click here to read on the conceptual workings of a trailing-stop)
Aggressive, Short-term, Intraday Models
Published Trading Plan: “For Tuesday’s regular session, aggressive intraday models indicate using the 2810-2800 as the pivot band to place trades off of.
Above 2810, models would go long with tight trailing stop (about 6 points) and below 2800, models would go short with a tight trailing stop (about 6 points)“.
Above 2810, models would go long with tight trailing stop (about 6 points) and below 2800, models would go short with a tight trailing stop (about 6 points)“.
==> Market Action:
(i) Today, Tuesday, as of 1:00pm EDT, the index opened at 2809.73 and broke above 2810, triggering a long position at 2810.25, with a 6-point trailing stop. The index reached a high of 2817.37, setting the stop trigger at 2811.37, which was filled around 9:51am EDT, for a profit of 1.37 points.
(ii) The index broke above 2810 again within a few minutes and triggered second long position of the day at 2810.25. It then reached 2816.15 within the next few minutes, setting the stop trigger at 2810.15. This trigger was tripped in the next 15 minutes, resulting in closing the long for near break-even.
(iii) The index then broke above 2810 again around 10:31am EDT and triggered the third long position of the day at 2810.25.
As of 1:00pm EDT, the session registered a high of 2824.46, and consequently, the trigger of the initial 6-point trailing is anchored at 2818.46. If the index reaches this level later in the day, the models will close the long position at that price and book about 8.21 points in profit on the third long position of the day. If this happens, the models indicate staying flat for the rest of the session.
(click here to read on the conceptual workings of a trailing-stop)
(i) Today, Tuesday, as of 1:00pm EDT, the index opened at 2809.73 and broke above 2810, triggering a long position at 2810.25, with a 6-point trailing stop. The index reached a high of 2817.37, setting the stop trigger at 2811.37, which was filled around 9:51am EDT, for a profit of 1.37 points.
(ii) The index broke above 2810 again within a few minutes and triggered second long position of the day at 2810.25. It then reached 2816.15 within the next few minutes, setting the stop trigger at 2810.15. This trigger was tripped in the next 15 minutes, resulting in closing the long for near break-even.
(iii) The index then broke above 2810 again around 10:31am EDT and triggered the third long position of the day at 2810.25.
As of 1:00pm EDT, the session registered a high of 2824.46, and consequently, the trigger of the initial 6-point trailing is anchored at 2818.46. If the index reaches this level later in the day, the models will close the long position at that price and book about 8.21 points in profit on the third long position of the day. If this happens, the models indicate staying flat for the rest of the session.
(click here to read on the conceptual workings of a trailing-stop)