 Hi everybody, this is this is the SPX intraday trading is June 19th And we just took a trade on the SPX on the puts based on this kind of a price action on the one-minute chart And we are in this trade. We are we are hanging in there The RSI is also in the bearish zone and the ticks have been weakening the past two ticks Just a little bit of an uptick there, but for the most part it is persistent now on the one-minute chart You don't want to get shaken out just because one or two dots are not conforming I would say on the five-minute chart if you see two dots then that's something that two dots that go against the grain That's when you want to exit the trade, but on the one-minute chart You want to give it at least five or six or seven Dots before you get shaken out of the trade and we can see that now This is going down and you will probably see a much lower tick value once this bar gets over Let's see. It's just about to get over. Let's see where it ends. I can see some pretty high volume came in here So part of it could be selling part of it I think was also support because it got beaten down and then it came to the middle of the bar In fact, it is in the top half. So this can be a very good support point Temporarily at least this can be a very good support point nice because nice big volume We are more than the past at least eight minutes or so and so that could be a support point and if the RSI also pops its head above the 40 level We can see that the ticks are ticking up. So we have a put trade going which may not fare very well If things start to turn around so we would want to get out of this trade Even if it's a small profit, that's fine But you don't want to stick to a trade where the trade premises changing. So let's just hang in there and see This the previous tick was not extremely conclusive in the sense the RSI still remains in the bearish zone here but clearly the ES in terms of the just the chart Chart analysis if you just look at the chart, it's looking it's looking like this was a good support zone on this bar And now it wants to head higher But of course it has to be supported by the internals, which is the cumulative tick as well as The price action itself, which which is the customer assigned Okay, the ticks are definitely ticking higher and as you can see this thing is also going higher now So at this point what we want to do is it's okay if it's just a small profit But let's you know try to get out of this trade and let's try to get into another one because You know the indicators are telling us that things are changing in terms of the current sentiment And so you know you want to get out over there. So that's that's okay We'll let's go back to our analysis. I mean our analyze tab over here and get ready and let's look for the next trading opportunity So let's just watch these charts for some time as I mentioned today is probably Going to be just up and down up and down until the 2 p.m. R when the Fed announces their decision So up until then it's probably going to be choppy. That doesn't mean that they won't be Some you know decent. I mean at least some small trades that can go well But in general the market is just waiting for The Fed statement and you can see that by the implied volatility here So the implied volatility of this series this is expiring today and you know that's 20% and so the plus or minus the one standard deviation move is Almost 24 points plus or minus 24 points and for something for this index that is expiring today That's an incredible Plus or minus value there. So the implied volatility is elevated But now once the 2 p.m. Hour comes there's going to be a significant volatility crush That's going to come in. So you don't want to be holding long options at that point In the sense that you know, you can trade a long option But you have to let the volatility crush happen and then you get into the trade So it's back down to a negative sentiment at this point Things are things are looking things are looking negative here You can see the past two bars also ticking down So I say let's try to get back into the same trade here We'll go back to three contracts and just getting it ready. So let's let's just wait for this bar to get over There's a lot of choppiness here. You can see that So while we are at it, we might want to just keep a call option trade also ready And what I'll do is I'll just change this to 14 strikes because we don't need this many strikes there And I can move this up. So we have the 2,900 put and I have the 2,935 call ready here Now see the RSI is jumping out The ticks are improving. So if that is the case, we can go in for a call trade. Yeah, definitely looking like that So I'm going to go in for the 2,935 call 2,935 call I'm just going to give the natural price. It should give us a better price. Yeah, exactly It won't work with the 10 minute chart 10 minute is too long for day trading And I would recommend trading decisions be made on the one minute chart Once it gets well into the day, you might want to switch to a five-minute chart at that point All right, so let's see what all the position is doing here. We have plus okay. I put in five contracts But that's okay. It's only 140 delta Okay, it's moving up nicely the ticks are also moving up We will be in the safe zone once the RSI crosses the 60 and enters into the bullish zone until then You can say that It's not quite there yet, but I mean we're just marginally up. It's only up 75 I was looking at the other one, but we're just up now. We are even flat So it's not quite in the bullish zone yet So just like you would you would also want to look at the chart action and as well as volume also because those are You know important things to look at so here you can see punched up on higher volume And now there's some follow-through coming in now Yeah, you have the RSI custom RSI moving into the bullish zone, which is good and you can see our positions improving It's up about $150 and the RSI continues to improve in terms of price action The tick is moving moved to 156 not bad, but this bar is not over. Let's see how it ends Okay, so that bar ended with the tick value of 87. Now, let's look at this new new one RSI looking to go into the bullish zone As I mentioned, this was a key bar I told I mentioned this earlier when you see price action and the volume action like this that tells you a support zone has been formed here and So I mean it got shut down quite a lot But on higher volume it ended in the top half. That is very bullish. That is very bullish And sure enough after that we are seeing some bullish action here $250 profit on this position I Don't want to give it up because it's made a nice move. So I'm going to take off. I'm going to peel off two contracts and Book some profit here. We should get a better price. No, we did not So RSI has clearly entered the bullish zone. The ticks are looking good All right ticks are moving higher And so is the market. So is the RSI Okay, that was that bar ended very well actually that bar ended very well You know the volume was low as it was getting pushed down, but it ended up towards the top half of the bar nicely RSI price action looking a little bit to the softer side now. It's turning down But of course that bar is still in place. So You can't make a judgment until the bar gets oval Okay, you can see the ticks are coming down now All right, we have a $200 profit on the trade I'm going to close it because it's not worth keeping the trade on when the ticks have started to come down so This one was this This one was also a fairly decent. I mean small see on a day like this when you know, there's uncertainty coming up at 2 2 p.m. Eastern time You're not going to find huge moves either way because everybody is waiting for This piece of news, you know on the interest rate. So, you know, that's what that's what, you know, the general Trading sentiment is today. It's it's just going to go up and down So in such on such a day, you just take small profits 180 or 100 200 so total is 380 you take away commissions. That's about 350 bucks. Not too bad Just take small hits and move on. So let's just Watch the charts here and see where the sentiment wants to go. The ticks are clearly ticking down. However, RSI is looking okay So let's come back to our Analyze tab and let's see what we have here is a both the put and the call So let's see which way it wants to go. We want to get some kind of a better direction here You can see this is a topping out pattern here. So maybe temporarily it may be topping out So let's just watch the watch the charts here for a couple of more bars Okay, it's still looking a bit a little bullish there I'm concerned about this bar Ended towards the bot towards the bottom half rather on slightly higher volume But that that could be buying as well looks like it is mostly buying the RSI and everything is looking good I'm going to go for the 2829 40 call if I'm going on the call side Yeah, okay. All right. I'm going in for the call again 2940 this time $4 So the level to watch out for would be the high of the day, which would be this level right here and I don't want to draw a Fibonacci. I Just wanted to point out. This would be the level 2927. So if it crosses that then that's bullish temporarily So we have the you open it up here 2940 call Okay, so question date rate service has it shifted to be 100% SPX SPY No, it's we are doing that this week that the SPX trading will be integrated into the day trading services, so You know within the day trade service, we will do both. That's basically what it is Reason for 24 delta versus 31 delta. There's no reason there. It's just anywhere from 25 to 35 is fine, you know This time I think I took 24 because you know, it's already made that move So I don't want to spend too much on the option price Mean, you know, it could be you know until it takes out this high If it takes out this high then I would be more convinced Although the RSI is dipping down it is still in the bullish range So that tells you you can stay in the trade until that changes. Let's see what happens to the tick Certainly some down down draft coming here. This is this is exactly why I didn't want to take too too big of a trade here You have to wait for this bar to get over but the ticks don't show any weakness. The ticks are not showing weakness It's the it's the price action that's showing the weakness But the ticks per se, but of course we have to wait for the bar to get over That tick just had a negative tick here, but still it's not too bad. It's still Positive this one is ticking lower. This one is ticking lower Okay looking a little bearish there But on all three bars if you see the volume is not that great It's actually the lowest of the volumes of pretty much the whole thing so it's possible that It's I wouldn't be surprised if this starts ticking up now So what this is telling is that the selling pressure is not there When you have these big red bars, but the volume is low the selling pressure is not there Yeah, I can see this one is trying to recover here So this is the day where we'll be flat lining in the sense will be up You know from the zero line will be up maybe two or three points or down two or three points And it's just going to meander that way Because we are waiting on this big event at 2 p.m. All right, you can see an uptick on the ticks But we have to wait for the bar to get over you can see a turn around in the RSI also No, I will not be live at 2 p.m. No chance I'm in India, so it's going to be too late But the screens will be on okay the screens will be on so The webinar will be on still so you guys can look at the screens and take the trades Once you know this methodology what you're looking for I think that's and that's how the date. Oh, yeah, I mean come on You know you're you've been part of the day trading service. So, you know, that's how it works After after the first half an hour to one hour then the screens are on for the rest of the session RSI is in no man's land between the 40 and 60 Ticks ticking down a little bit and We have one two three four five six six ticks to the lower side Okay, if this bar doesn't shape up then you would just want to get out of this train Yeah, definitely get out of this trade. That's moving even lower. I'm going to just keep it ready. Let's see So the RSI at this point is not telling us anything. It's in between the 40 and 60 level So it's a no man's land. So what we have to look at is the ticks Yeah, as I said in on the one minute chart, I would say at least six or seven bars on The five-minute chart two bars But certainly the trend as you can see from the just looking at the chart itself It is down that the trend is down. So you don't want to let this trade run away When you switch to five minutes after one or two hours, I would say more like two or three hours That's when you would switch to the five minute and there's no need to Do to switch to the five hour to the five minutes also You would only want to switch if you want to get a slightly larger perspective from the chart So if we shift it to a five-minute chart now You'll see that We have you know, so so this is what you know, this is noisy, you know, you can't make out anything from here So obviously it's too soon to shift it to a five-minute chart If you see a pattern, then that's what you want to do Okay, the RSI is dipped into the bearish zone from a price action standpoint, let's watch the ticks Let's see how this one ends Okay, the good sign is RSI is coming out. So price action is okay The ticks need to improve a little bit in my opinion So you can see we've stayed in this trade for quite long and you know the to be honest I think we took it at at somewhat of a high level over here And so we are facing the heat from this kind of price action So in this kind of a scenario Whatever the original trade premise was it's probably not valid anymore in the sense that You know, you took the trade somewhere on this bar or this bar I think which was at a high level already And I should have actually waited to for it to take out this high That's when the bullish sign comes but let's see now. There's some upticks coming the other side is looking Okay, so Let's see if we can pull up pull out of this trade at least with a break even So what what do you see here? We are negative 50 on this we are negative 50 on this trade So if you see our monitor, this is what we are looking at negative 50 on this trade not too bad But I would want to see the ticks improve, you know, otherwise Just the price action improving is not enough. All right, there we go. Okay. Now that jumped quite a bit. So That that's that's a good sign. All right. Now that jumped quite a bit. You can see jump to 242 So I would expect to see some upticks in the price action also and the RSI to go into the bullish zone Because that was a big jump in ticks Ultimately the RSI is a price Trend and therefore, you know, it's not definitive The internals is much more of a reliable indicator than the price action The price action is just a confirmation indicator But let's see how this how this tick ends. It had ticked up nicely to 242 So it's dropped down to 163 Okay, then that was a down tick here and you can see Even the RSI going into the bearish mode and so you can see this now now it's deteriorating So it's just time to get out of this trade. It's okay. If it's a loss, but you know Today being the day it is Like I said, you're going to see see choppiness right through the markets here So let's just watch to see if there's a more clearer direction Ticks are definitely going down and so is the RSI. So let's just watch these charts. Thanks So just like on the upside you would want to see it now, you obviously some bearish Price action as well as the ticks going on. However, you know, this is a support zone This is a support zone. So you would want to see it Take this down and until then there's no point in taking a trade because it's just going to meander here and there So either it takes takes out this low or it takes out this high That's when you know, you would want to go for a trade right now. So let's just watch here So unfortunately today we are caught in this What I would call a fundamental event, you know the FOMC announcement So it's it's just going to be plus or minus three four points from the mean And you know, sometimes it look like it's bearish sometimes it's going to look like it's bullish. So anyway So in that sense today is not the perfect day for this But we can't do anything about that. We still have two more days this week Thursday and Friday. So We'll try to get a better understanding. I'm gonna zero in or I mean Make the chart a little Little wider so you'll get a bigger perspective here and I'll just leave it here because you know until and there's not going to be a strong sentiment either way today because Of this announcement. So, you know, you'll see a bounce from here and go back up And this is at this support level over here right now. I'd already tried to breach it once now It's trying again. So we'll just watch anyway So I'm going to just leave the screens on but I don't see a Decent trade in this kind of an environment because of the announcement today