-Went long right above VWAP w/ a 8-11 cent stop.
-Reason why I took trade was b/c it was a very neutral pattern (showed double top,double bottom, symetrical triangle), so I knew a move was coming.
-Why I went long instead of short was b/c it was
A) Holding up well above VWAP on 1 min chart
B) $ES_F Bidhitter Pivot Point (which gets hit 60% of the time) was somewhere around 127.50. So I was taking my chances here.
C) Pre-mkt news was very bullish
-Took scalp/covered risk immediately when it made a new high.
-Took 2nd scalp near previously mentioned PP. Should have been more patient and gotten at least a few more pennies.
-Should have re-entered, market didnt show any reason why It would failed that breakout.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2012-01-05 11:14:05 | SPY | buy | $126.870 | long |
2012-01-05 11:20:39 | SPY | buy | $126.890 | long |
2012-01-05 11:23:13 | SPY | sell | $127.190 | long |
2012-01-05 11:31:36 | SPY | sell | $127.400 | 0 |
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nice trade off vwap......good target is always yesterdays close since bigger level than PP