Intra-Day Action Journal – SPY Late Day Breakout – 1 Feb 2016

Here’s today intra-day action report. I was able to make a small profit trading the late day breakout on SPY. Keep in mind that the risk ladder was weak form risk off and most breakouts and trade-able plays would fail.

However the SPY gave me a good enough signal with some decent volume behind the move that I was able to take the trade with a good risk to reward as the hourly resistance was/is 194.50-194.85. My entry was 193.75 as the shake out candle (check the chart) reversed. I exited at my target of 194.50 for $0.75 per share.

Review today’s Market Recap and see where the market goes from here

Disclaimer: This was a paper trade but I still like to include my thoughts for learning purposes as part of my end of day routine.

 

The trade lastly approximately 30 minutes. Here is an hourly chart with my Pivot analysis for setting my target.