The SPY had a bounce in the morning but I thought the bounce was pretty weak so I missed the short on UVXY.
SPY was stalling at previous day break down level and unlikely had the momo to go higher going into the afternoon session. IWM looked better in the morning but already exhausted. On the daily chart, IWM morning run was simply a pullback in a bear trend.
UVXY morning LOD was right around breakout level $19 on daily. So $19 could be strong support level. 30m chart shows this pretty clear.
As I expected the indices would fade in the afternoon, I was looking for a bounce in UVXY, ideally a double bottom.
Entry: an initial tiny position at LOD with a wide stop to allow for some volatility. Second entry after I believed a bottom was put in and I could place a stop below LOD.
Target: VWAP (1/2 position) and HOD (1/2). Had very few shares left after HOD just for entertainment.
Execution detail:
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nice