The SPY's have enormous volume and are very liquid. They trade like a stock, and are priced like a stock. To me, the SPY's are the best instantaneous indicator of present market direction. This journal is about trading the SPY's. Thank you.
A trade for thursday-- sell 10 spy @ 103ish (i'll have the price when I make the trade tomorrow morning around the open), and i'll post it here. stop is 1 point higher. Looking for 2 points. So looking to make 2 points, or lose 1 point.
Primarily, this journal will try to either make 2 points, or lose 1 poiint per trade. With this said-- I've sold 10 SPY's @ 103.2 firm stop is 104.20 looking to buy around 101.25--I don't think it will get here this week.
Birdstone 1 Win 0 Loss sold 10 spy @ 103.2 => covered @ 101.2 +2 points ------------ Next week. Looking to sell 10 spy's around the open tuesday. Same system => looking for 2 points of profit or 1 point of loss Have a great weekend!