SPY Trade on Jun 12, 2020 09:46 from spyrosz: Tradervue User Stock Trades.

What a great trade. Beautiful!!
Yesterday I was harsh with myself, after leaving $10/share on the table being short SPY , thinking that SPY "cannot go much lower than $308".

Reset/regroup is the name of the game!!

SPY was main focus today. I saw the premarket bounce to $309 as a market gift and a huge opportunity to get short at good prices.
R1=200EMA@60min chart=$309.5
R2=yesterday's pivot=$310.

Plan as follows:
a) BEARISH as long as it trades/holds below R2=$310
b) (P) 2nd Day Play
c) (S) Bearish Bias - Holding Resistance at R1/R2 and DTSB of S3=200SMA@daily=Day I LOD=$300.5
I was expecting a quick pop towards R1/R2, obvious rejection at these levels and a quick/sharp move lower towards S3. Desc. Triangle Support Break of S3 would open the way for lower prices on SPY $294-298.

SPY held the premarket high=$307.5 as support at the open and popped towards R1=$309.5.
However, got stuffed and looked weak on the tape close to $309.

Got short half Tier I, risking above R2=$310, wanting to add more size, through the breakdown of premarket high=$307.5.

SPY rolled over and I covered a little bit in-front of $307.5.
Whan I realized the "Head+Shoulders" pattern forming above $307.5, and weak tape above VWAP,

Hit it hard, entering 1.5-Tiers, risking HOD, expecting the momo flush to S1=$306.

Covered small piece when it sold-off to the premarket asc. trendline.
When I saw that premarket high=$307.5 acted as resistance and it started breaking through the asc. support line,

added another 1.5-Tiers to the short, risking the lower high above VWAP, for the flush to S2.

Covered in-front of S2=$306, then at 20SMA@daily=$305, and then left momo to do its job.
Best cover-all-out- in-front of S3=200SMA@daily=$300.5.

Per the pattern I was playing, I was expecting a hard bounce from S3=$300.5 that could possibly go all the way to opening pring, close to $307.5, before the roll-over.
I have seen that many many times in the past, esp. on SPY.
So, sat tight and watched the bounce higher.

Got short, filler size below VWAP, risking wide stop above $307, to keep it on watch.
Added a bit more at the pop to $306, risking same stop, expecting at least a pullback+consolidation above VWAP before any further move higher.
Finally, added Tier I, bringing stop above S2=$306 when I realized that it had trouble holding and closing above VWAP.

Covered some on the way down to $303-303.5, covered the bulk in-front of LOD=$300.5.
Held a small piece in case of a break lower.

Per the pattern I was playing, I was expecting another bounce from LOD=200SMA=$300.5 back to VWAP, but a lower high than before, roll-over to LOD, flat-line consolidation above LOD and finally, a momo break-down.

However, SPY looked very weak and was unable to bounce from LOD convincingly.
Decided to try a small scalp for the break of LOD and momo sell-off to next support S4=$298.

Got short a bit earlier than the breakdown, risking very tight stop $301.5, added size through the break of LOD=$300.5.

Covered the bulk in-front of $299, had a bid for the rest at $298.21, but price didn't sell-off so low.
Bounced back and I covered the rest at b/e.

(+) Very goog price action-tape-lvl2 reading.
(+) Very good executions, entries + exits.
(+) Realized that it was a A+ setup, I sized properly.
(+) Followed momentum all-along, and I wasn't afraid to chase lower when I realized that there was more downside to the move.