rlim
Short

Trade #4, SPY

AMEX:SPY   SPDR S&P 500
32 5 0
short SPY            
broke range downwards
Traded retracement.
Retracement didn't touch range, but in QQQ             and DIA             it did

Related Ideas

Should have waited longer.. now we got the retracement.
QQQ and DIA are back in the range.
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rlim rlim
New updated channels
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rlim rlim
SPY back in to the box and crossing over trendline
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rlim rlim
Good call today.
I was early on the retracement.
But was correct by end of day
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rlim rlim
I aggressively exited yesterday short call spread positions because I was worried SPY will see a support at 187.23 area (the open on Monday) and I had close to a 50% of expected profit. Didn't want to end up waiting for a week to actually reach the 50% of expected profit if I am correct.

I will need some confirmation tomorrow if we are at the bottom of a range. Even if we are at the bottom of a range, I don't think the risk:reward is warrant a trade. I expect strong resistance around the red trend line.
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