Shared by
over9k
- 10:07:43 SPY S200s 123 short #2 R5c Exit@-11c Mistake I knew we were getting whip here, and I still took the trade, then I held even though the logical stop was too far out at 11c. needed to break out or bail out on this one.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2019-04-24 10:04:52 | SPY | sell | $292.571 | short |
| 2019-04-24 10:05:17 | SPY | buy | $292.690 | 0 |
Comments
over9k
Yes the 24s was whippy.
Also we had 2x big whicks and almost bottom hammers in the 5m, so less than a convincing short pattern for a 1234 for me.
For my entry, we whad just had a reversal, but we got some whip in the short term, so it spread out the logical stop level to what should be about 15c including the 3c for room above key levels. When I took this trade I knew i didn't want to risk 15c, and my plan was either it grabs momentum downwards, or I bail quickly. I ended up holding far past what my initial risk was in my head, and then hit the bail key at the top.
.71 was a logical level for a stop, but I just don't like risking that much. my planned entry was .54 (i got slippage in my favor on entry), and my planned exit was max .65
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Was the 24s whippy?
It looks like a perfectly timed 1234 short in the 1m.
I suppose the 5 min pullback bar could have been considered, but if it was it was a textbook proper exit.