SPY Trade on May 18, 2020 10:48 from spyrosz: Tradervue User Stock Trades.

On watchlist after huge gap-up preamarket based on BREAKING NEWS, that brought price just shy of the $294 major resistance.
-- Fed's Powell upbeat talk
-- Moderna vaccine Phase 1 positive data

Premarket plan as follows:
a) Bullish overall...
b) (P) Breaking News
c) Resist. Lvl Breakout of R1=$294
Stay clear of the chop, wait for the clean break and hold above R1=$294.
Easy-peasy momo long, with many shorts having stops above that level..
Also above R1=$291, air-pocket to next resistance R2=$298.

Opened strong and popped to R1 right out of the gates. Rejected the level and made a pullback to S1=premarket pivot=$292.8. Held and slowly+constructively made its way back to R1.

Broke above R1=$294, eyes on tape+lvl2 to time the entry..

Entered Filler!! size, risking $293.5s, even though I identified strong tape with bids accumulating shares aggresively. SPY couldn't even make it to $294 for a proper retest...Bids were buying on the tape $294.1s+....

SPY started breaking out higher, ended up adding half-tier at the 1st bull-flag and break through $294.5s, risking below R1.

Sold some $295 and at the extention to $295.6s..Held some with stop below R1.

Waited patiently for the Price Discovery pattern to emerge.
Wanted to see consolidation above $294 for about 1-2hrs with buyers stepping in at higher prices and support SPY...Also, looking for the 9-EMAs@15/30min chart to catch up with price action.
Ideally, I would like to see a pullback+retest+hold of $294-294.2 area...
Too strong for such a pullback.

Re-entered one tier to the long, after the higher low and reclaim of $295, risking bottom of consolidation $294.4s, expecting the retest of HOD=$295.6s and a possible rally up to $298.

Sold some in-front of HOD and close to $296..
But then, decided to scale out aggressively, and close the position...
After some choppy action, finally got the push to $296.6s..

Some major mistakes on this trade:
(-) Very SMALL size/too conservative for an A+ setup. Should have and could have been way bigger in this trade. Need to be careful with the sizing..Cannot trade A+ setups with small size and B setups with large size....
(-) Bad exits after the Price Discovery pattern resolved in my favor. No reason to sell the whole position. Should have been more patient, trail the position, expecting the afternoon rally into the close.