Shared by
Emilie_BOWS
Daily: none, but there was selling pressure on the SPY, IWM. SPY had potential to come down and test the 50 SMA.
Intraday: 9 EMA bounce when SPY started fading at the same time, stop just below 16.45
- 1st exit after a decent move (new LOD on SPY, big red candle)
- 2nd exit after another push, SPY near target
- stopped out on the rest (I had moved my stop up)
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2017-04-03 10:31:39 | UVXY | buy | $16.540 | long |
| 2017-04-03 10:53:54 | UVXY | sell | $17.110 | long |
| 2017-04-03 11:06:53 | UVXY | sell | $17.480 | long |
| 2017-04-03 11:15:45 | UVXY | sell | $17.110 | 0 |
Comments
Emilie_BOWS
If you zoom out the SPY intraday chart to cover 5 days (you might want to look at 15m chart) you'll see a support/resistance area around 235.7-235.8. It was resistance first then became support. Today the SPY broke below with a big red candle and then orderly pulled back to just under that break down level. At the same time, the IWM was already selling off pretty hard (several red candles in a row).
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Hey what made you think there was selling pressure so early in the day? Was it just the fact that the SPY was under VWAP in the morning and seemed to have failed on a retest and the prior days it was mostly always above VWAP?