Shorted 119.91 when I saw on 1min chart that it was having trouble holding above. Saw some divergences in the markets with TLT near HOD, FXE not moving, and UUP hanging on.
Decent r/r here as my stop was at 122.01, putting my risk at 10 cents.
My target at 119.50.
Reward, which came out to 40 cents.
Nothing to write home about here, hit my r/r but what I need to do was get reshort for a move down to 119.00 as market clearly was weak at this point. If you pull up 5min chart with a 20SMA on it, you would see that it retraced to it, and sold right off. I was watching it, contemplated that trade, but passed. I need to just stick with my skills and conviction and take the trade with size since it would technically be a "free trade" because of the 40 cent winner I had here.
A short at 119.60 with a stop at .76 would have been a great follow up trade.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2011-11-22 13:29:04 | SPY | sell | $119.910 | short |
2011-11-22 13:56:13 | SPY | buy | $119.520 | 0 |
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still a very nice trade.