Home Forums Members’ Forum Nice little day trade on SPY

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  • PeterP
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    #12568 |

    Had a good little day trade on the SPY today – see chart attached. I Entered off the 15m pattern which I know Sue would frown on on a Mon, but I had watched the topping pattern develop on the 15m on Fri, so I wasn’t surprised to see it continue to evolve this morning – and it had support from the 60m and, obviously general down market support. I entered a bit late after the cross of the 8 and 21 nut was sure it was still OK as I was sure of the direction – took the 183P for 45c. Almost immediately it compressed up and went to 30c and I was about to double my position when I got distracted by a phone call. By the time that was done, the 183P was back to 40c, so I just left the position. It was starting to move down when I had to go to a physio appointment at 3:00; I wasn’t sure I’d be back before 4:00, so put a sell order in at 59c to take the profit if it moved there. I actually got back at 3:50 to find I had been filled and the option price was at 72c!!!! Lots of lessons from this one – good pattern read, good entry, don’t get distracted, don’t have a physio appt during trading hrs. etc. etc. But still, 30% between 11:43 and 3:22 on a Mon. Not terrible.

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