SPX Rips from 5216 to 5340 -- Why Patience Was the Only Play April 23 Gameplan

Staying True to The Core Strategy Amidst Market Momentum

April 23, 2025

As we review yesterday’s price action...

• Price came just shy of our 5213 LBT entry

• Reversed from 5216.50, then surged above the 5305 critical shelf

• Gave us the exact setup we wanted: consolidation → launch → test

• Then flushed to 5265, denying us the reclaim

• Later tagged 5278 and 5288 — reclaim ideas I posted — but offered poor R:R

• Then, Tuesday 6PM EST: gap up to 5424

...I find it useful to ground this kind of day in wisdom from those who’ve walked this path longer than we have:

“The discipline to wait for the right opportunities is the key.”
— Howard Marks

“Sometimes the best trade is no trade at all. Let your ego go and remember that trading is a game of patience, discipline and never-ending education.”
— Stanley Druckenmiller

“Don’t focus on making money; focus on protecting what you have.”
— Paul Tudor Jones

The best traders in the world — Druckenmiller, Tudor Jones, Marks — didn’t build their careers on motion. They built them on restraint. On knowing that the hardest thing in trading isn’t pulling the trigger — it’s waiting until it’s right.

They know the real edge isn’t in execution — it’s in preparation.
In not flinching when the tape runs without you.

And I don’t write that to make myself feel better (though it helps), I write it because staying disciplined — sticking to your edge — is the single most important trait of a consistent trader.

We miss trades like this all the time. All pros do.
What we don’t do is contort our strategy to chase a monkey market.

Let’s Dive Into Today’s Letter, Our April 23 Gameplan, And Key Levels To Be Ready to Execute On