Shared by
traderdanbows
Sim day 10:
SVXY gapped up with the S&P and I took it as I kept an eye on the SPY's. Intent was to scalp it on a 1:1 r/r. I worked out. Reviewing afterwards, I could have scaled out and kept 50 shares until stopped out, or more profit.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-09-03 09:38:44 | SVXY | buy | $49.280 | long |
| 2015-09-03 09:53:41 | SVXY | sell | $49.900 | 0 |
Comments
traderdanbows
Thanks Kevin for the feedback. Agree on all your points. I forgot to scale out. One of my trading rules is a min 2:1 r/r, I broke my rule on this trade.
brijesh0789
it depends on where your stops and targets are. if your stop was just under the vwap (it was at 49.18 at the time) on this one then you only had a 10 cent risk and the target at the price resistance around 50 then the rr is 1 to 9 which isnt bad as long as you stick to your stops. even if you had the stop at the 9 ema (48.95) with the same target thats a 1 to 3 rr ratio. its a little more risky but still worth taking. i think you did pretty well on this trade.
brijesh0789
i guess i should have read the notes first lol. i didnt see that you were playing a 1 to 1. in that case i do agree with kevin. try looking for different levels of support and resistance to find your targets and stops so that you can make plays with good rr's
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1:1 r/r is not a good strategy long term. You need to wait for setups with 2:1. Also I would suggest exit half positions at first target as this particular trade would have made you a lot of money if you held some longer.