Today was a strong Bullish trend day that yielded some great low risk entry’s coupled with some excellent Bear traps. I was long SPY in the morning for +$795.00 and long again in the afternoon for + $1,070. Positive +$1865 for the day. I’m happy with that but I did leave some money on the table with a few mistakes here and there.
The “Gotcha Bar” pattern is one of my favorite intraday setups. Here what I look for in a gotcha bar reversal.
It was another wild and volatile day that yielded some good trading opportunities.
*Disclosure: My SPY trades are all Paper trades using the Esignal platform. I experiment with positions size and money management techniques.
I made 4 trades today, one loser and three winners. I was fooled in the morning and started the day with quite a large loss.
I was stopped out twice early in the morning but more than made up for it later in the day. Use your stops and keep the losers small when day trading. If the pattern didn’t trigger don’t stick around and wait for moving averages to cross. Price tells you everything you need to know.
Here’s is today’s intra-day action of $SPY. It’s good to look back at previous days to compare the different times and patterns during reversals and market conditions.
You can look at previous Intra-day journals here
Today we had a strong bullish trend day. Trying to short SPY today was not a good idea. On strong trending days it’s best to wait for opportunities to buy. I’ve included a couple of examples below. The Bears had very few moments of control and the TICK shows only one -1000 reading which was actually good for the Bulls. The -1000 reading had very little volume and price expansion to the downside signaling the Bulls still were buying up all the supply.