Shared by
beno
Fundamentals
N/a
Catalysts / News / Painting the picture
-Jul 08 2020: No news, huge move to 20
Technical Analysis
-SPY pattern: Consolidation
-Intraday pattern: Runner
-Other notes: Huge squeeze then couldn't bounce near EOD
Strategy / Confluence / Sizing Guide / Risk
Strategy: First test long of 17.5 level
Confluence: Half $
Strike Zone: 17.9 - 17.5
Sizing (lots + emergency): 1 + 1
Risk (stop / Rs): Hold below 17.5
Review / Lessons Learned
Only had enough margin to safely take trade with 1 lot.
Fucked up on this trade:
Mistake #1 was opening a trade during the last 10 minutes;
Mistake #2 was not taking profits quickly and trying to hold for a bigger move (stupid thing to do at EOD, unless its a swing which is different trade...)
Lessons Learned: Don't open a trade during the last 10 minutes of trading! If you break this rule, MAKE SURE TO TAKE PROFITS QUICKLY! Don't hold for bigger move at EOD!
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-07-08 15:53:50 | ALT | buy | $17.890 | long |
| 2020-07-08 15:54:02 | ALT | sell | $18.110 | long |
| 2020-07-08 15:54:02 | ALT | sell | $18.110 | long |
| 2020-07-08 15:54:02 | ALT | sell | $18.110 | long |
| 2020-07-08 15:54:02 | ALT | sell | $18.110 | long |
| 2020-07-08 15:55:29 | ALT | buy | $17.560 | long |
| 2020-07-08 16:00:03 | ALT | sell | $17.100 | long |
| 2020-07-08 16:01:39 | ALT | sell | $17.100 | long |
| 2020-07-08 16:01:39 | ALT | sell | $17.100 | long |
| 2020-07-08 16:01:39 | ALT | sell | $17.100 | 0 |
Comments
beno
Hey shyking82, this week has been challenging for me. Some good lessons learned on this trade. Thanks for comment and best of luck in your trading!
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Hi,
Thanks for the tips. I usually leave the system 30 minutes before EOD. It is highly unpredictable.