⛳️Strawberry Flags Forever: How YEET Plus Went 7.5*/8 by following the flags
*7.5 because our miss was the bottom by TWO cents! So angering!
We’re finally figuring out how to ride that volatility like a Cowboy—YEEHAW!
When the day starts in this volatility, it’s key to look at the patterns forming on the overnight. For me, the most telling pattern is formed in flags on the hourly.
SPY Raw: just a bunch of stuff, what do we do?
SPY Hourly Levels: We set levels at the top and bottom of the price consolidations to let us know what the key areas of support and resistance are
SPY Hourly Levels: We do this by finding points of multiple body or wick touches. Here you can see that with the matching colored arrows where I’ve highlighted some. You’re just eyeballing where the consolidations top and bottom border
SPY Flag Contextualizing: viewed another way, it looks like this
SPY Flag Hunting: That let us know yesterday we were in the midst of an hourly bear flag and once that final bottom consolidation gave way we knew that we were in for a mighty fall
The Secret Sauce: When you’re in the bear or bull flag, look to the 5 minute or 15 minute intraday to know whether it’s reversing or going. Take a minute to PAUSE and read the action—here’s one we caught on the 15
What do we see today? The exact opposite hourly premarket action:
The big danger? That looming gap to the downside—watch for a liquidity candle to the downside as your real entry point if they start with—or toss in—a sudden reversal. So entry today is delayed:
