I used edgeful's analysis tool to trade today and turned a red day into a green day.
Andre A.
1 reply
Traders, are you willing to review my trade?
SPY gapped up since Friday, and we’re in a downtrend right now so this morning I was looking for opportunities to take puts.
I wanted to be patient with my entries today because it's Monday. My plan was to take puts at $450, but SPY only made it to $449.64, so I didn’t take puts even though it seemed to be struggling to move higher. I didn’t take them there because it was too far from my target entry and my R/R would’ve been very skewed.
Then immediately SPY crashed over $1.30. I was tempted to enter but I didn’t want to chase and I waited for a bounce. I wanted a bounce to VWAP or else I wasn’t going to take anything because it’s Monday. Volume & range are generally lower on Monday’s compared to other weekdays; it actually increases over the week. I was very aware of this going into today, which is why I focused on patience.
I waited for a push to VWAP and took puts at $448.88 but set my stop too tight at $449.10, I should’ve made it at least $449.26. I actually tried to move it but got filled on a crazy push before I could cancel it. I stopped for a tiny loss.
Then I wanted to wait for more confirmation on the direction, and when VWAP broke with increasing volume. I took puts, at $448.75, and added at $448.70. I took half the position off at low of day, $448.27, and the rest I was going to leave runners but insane buyers stepped in with heavy volume so I sold after the bounce off $448 around $448.30.
Overall, happy with today.
Replies
Bonnie Green@greenbonnie73
Edgeful's analysis tool seems effective for some traders; it provides insights that can be leveraged for day trading, although there are alternatives like TradingView and MetaTrader that others might prefer.
Share