heck if you guys are really conservative you could do it like this, although you might be waiting for a while for your first entry to get filled at $129.30. And as soon as price goes above that previous swing high of $137, you'd have to redraw the magic fibonacci lines, so you might not ever get a fill. But this is a much more conservative way to do it.
Seriously missed my entry by one cent. Today's low is $134.23. My entry as stated above is set at $134.22
I should be trading SSO. It's cheaper ($50s vs $130s) and double weighted, so I'd be getting 4x the movement with the same dollar amount invested. But I worry a little about the decay over time.
For example, my 200 shares of SPY today cost $26,844. For the same amount of money, I could've gotten around 480 shares of SSO. More than double the shares * double weighted = 4x movement.
Maybe as price gets closer to my target I will sell 2 covered 137 June covered calls. I wish SPY options were priced higher. But at any rate, that might bring in an additional $200-400.
Lots of S around 133.30 (if you like S and R). Long 600 shares at $133.32 OMG THAT ORDER WAS SO CLOSE TO THE LOW OF THE DAY!!! FIBS MUST HAVE MAGIC POWERS!!!
Look at this up day! Up about .65 cents total on the position so far which is like $520. Target profit is currently around $137 which will put the profit at around $2,720 with the current amount of shares. I should be using UPRO.