Ahoy there Trader! ☠️
It’s Phil…
Following up on this week’s analysis, we’ve shifted gears from a sideways range to a rising channel—more like a rising wedge, but does the name really matter?
What’s vital is understanding the phase of movement. Are we trending or just ranging? Right now, prices are contained, and we’re firmly in a well-defined range.
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As per my 6 Money Making Patterns (remember those?),
We have two choices:
1 – wait for the range to break out or
2 – trade back and forth within the range.
Now, let’s chat about today—Friday, September 27th.
As the last Friday of the month rolls in, many institutional traders will be balancing their books.
This often leads to a rotation out of the old and into new trade ideas, making for some sloppy price behaviour.
Given the market’s current state, I suspect this trend will continue.
When we see a breakout, be ready—prices are likely to move hard and fast!
Do you have a mechanical trading routine?
If not, it might be time to consider one!
Happy trading,
Phil
Less Brain More Gain
…and may your trades be smoother than a cashmere codpiece