ag5

SPY Long - Update

Long
ag5 Updated   
AMEX:SPY   SPDR S&P 500 ETF TRUST
This is insane, and the DP orders tipped me off. The chart from friday is working out quite well.

One note from yesterday, darkpool prints drove make the absolute strongest support i have ever seen, take a look:

  • 297.89 58,262,698 / $17B / 58.04% of avg daily volume
  • 297.38 34,388,050 /. $10B / 34.25% of avg daily volume
= 92 Million shares @ $27 Billion

My levels to watch today:

  • 321.94 - 22.87% of avg daily volume
  • 319.52 - 16.04% of avg daily volume
  • 319.51 - 12.39% of avg daily volume
  • 313.07 - 14.49% of avg daily volume
  • 311.3 - 18.25% of avg daily volume
  • 309.02 - 13.50% of avg daily volume
  • 306.17 - 17.97% of avg daily volume

I use these to plan my buy, sells, and stop losses.

Let me know what you guys think.
Comment:
Was able to exit my 6/26 $323 calls today around $2.25 for 100 contracts. Had an average of .68 per contract, so this was a home run.

I picked $315 as my sale target by the avg of the top level ($321) & what i thought would be the low today ($309) (630/2 = 315).

Did not want to jump back too heavy so I added a few $320 calls for July, using the levels above around the $309 buyzone.

My Trading Log:
Even though I ended up doing great on the $323 calls above, I bought more than I should have last week. Doubling down another 50 when it hit $0.35 yesterday was the correct move, but I should have bought 25 contracts last week and scaled into it a little better.
Need to continue to work on scaling into positions, for my current call positions I am not buying more than 5 at a time and waiting atleast 180 min in between orders unless I see something I really like.
I am trusting my equity levels and sticking to my trading plan, happy about this.
Writing out my goals and setting upside and downside exits has made the biggest difference for me this year.

Please let me know if you have any advice on scaling into your trades

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