I wanna trade the futures

I have been studying the E-mini S&P 500 and have dipped my toes a couple of times to test the waters. Trading this contracts is very different because of their leverage. I still have to get used to the precision one must have with entries because a one point move carries a $50 jump in my account. And 1 point is merely a ~0.1% move of the market. I realized that to be successful I needed to trade only at key price levels. And to know those key prices I needed to do my homework, which I write in my Journal, ahead of the market.

What I realized this past weekend was that we have been rising very fast and are now at very overbought levels. Not only that, but we are approaching key 61.8% Fib retracement. That doesn’t mean that the market is going to roll over at that price (specially since we have visited its vicinity twice since June) but I think the odds are that a correction of at least 10 points is imminent.

I identified what I believe is a supply area in the chart below between 1124.75 and 1134.25. I also think that there is demand around the 1100 level.

I have placed a fade order around those prices.