SPY 5Min - Gap down open - daytrade

49 10 1
Buy long on first bar break to upside with target just below yesterday's low (additional units could hold for return to yesterday's Vwap . This is a strong down move and LT             charts show lower potential, so the idea here is a quick scalp for the daily target of .4 points (equivalent to 4 SP             points)
13:40 Mkt rallied to the BE level which I exited at so as to ensure no loss today. Considering this gap trade was totally wrong and the amount risked, this is not a good result, but $0.00 on the trade is pretty good considering the heat. I still think it will rally further but enough is enough.

A terrible trade. Going to risk almost $1000 in order to make only about $40.00!
10:35 EST, 2 more units filled and PT moved down to current VWAP which means Unit 1 will be a loser, Unit 2 a small winner, and the 2 units just purchased solid winners. At some point the market will rally.
195.125 is current BE level
10:08 EST. This trade has not gone well, however hopefully it can be 'rescued' by buying in lower down and then getting out for at least .4 profit (which is the daily target for this daytrade approach). The logic is simple: if the market keeps going down without normal correction, it will be oversold. If you keep averaging in on the way down, a .382 correction (or less) from the lows will yield a profit. So it's just a question of hanging in there. If this is a major crash, then the account is wiped out.
Forgot to mention: Unit #2 filled already. Probably #3 will also fill with 2 contracts = 4 total, and then it won't take much of a bounce up to get at least 4 profit, probably more like 8. I draw the PT ahead of time to stimulate real trading but do move it around depending. However, once it is hit, then that trade is recorded and is over.
At 10.15 EST, possible to exit at Breakeven as price got back up to Vwap.
If goes lower, then buy 1 unit .4 pts lower at 195.25, 2 units lower at 194.85. (I am using this as an emini proxy so assuming 0,.25, .5 and .75 prices). Am posting here in order to test some ideas but not be able to edit them afterwards. I don't recommend anyone follow these!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out