Intra-Day Action Journal – 3 Feb 2016 -Strong SPY Rally

Just a quick one today. We had a really nice rally into the end of the day that yielded 3 profitable trades for me. You could argue that I could have just held one trade for maximum gain but I like to sell into strength when I see range expansion bars and extreme TICK readings.

 
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.


Earlier in the day I noticed that hourly support was 187.35 to 187.15ish on the 60 chart.  The level held and the low for SPY was 187.09 before things started to reverse. Another example of a pivot reference point that worked perfectly.

 2016-02-03_spy

About the Author Dave Gagne

Founder of MarketInsidersClub.com. President and CEO Dynamic Wealth Financial Inc. Author of Trading Master Plan Subscribe to the MarketInsidersClub Youtube Page here

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