The SPY setup a perfect gap fade shortly after the open, when prices tested resistance and formed a descending triangle on the 1 minute. The red line segments are how I managed my stop. After the double bottom, I exit half and was stopped on balance minutes later. I was hoping the PDL would hold as resistance but the bulls wouldn't have it.
A choppy session with a midday price/volume spike noted on auction results. The auction stuff is over my head so I stayed away and took the rest of the afternoon off.
3 comments:
"The auction stuff is over my head so I stayed away and took the rest of the afternoon off."
I had that same SPY short entry, but I was too smart to exit down at the bottom like you did.
John,
I'm sometimes really smart too - with my boredom trades. There's nothing more painful than giving too much back. I was happy to stay out of it yesterday and keep that problem in check.
Today's a real snooze so far - trading light.
Watching TLT (TBT), it just printed a bearish candle at the 50% retrace of its recent move.
Post a Comment