Market direction for 23 Jun (Wed) - down
- Probably the New home Sales data will be probably bad base on 21 Jun existing home sales
- Drop in GDP and increase in unemployment rates
- Candle stick pattern
short dusk / bearish engulfing(correction it should be shooting star pattern "man i need more practice on identifying the candlesticks pattern")
Plus Economic Data on Unemployment claims (up) and I think the new home sales will be bad too
| 8:30am | USD | Unemployment Claims |  | 429K | 414K | 420K  |
| 10:00am | USD | New Home Sales | | 319K | 311K | 326K |
Trading Plan
I was waiting for the market to open around 9:25pm and ding ding ding, market open and damn SPY gap down from $128.67 to $127.16 (-$1.51) Man couldn't take my entry as I m still paper trading and with the 20 minutes delayed quote, the option chain open only abt 15minutes later.
Profit Target : $0.40
Option price : $2.40
# of option contract : 10 "Due to my other position i can only afford to buy 6 contracts =\"
Stop Loss : $0.40
Bought the Jul 11 127 PUT option. Took half off the table when it hit $0.40 profit target and trail stop the remaining 3 contracts @ $0.20. (51 minutes)
Profit : $183
Commission : $35.4
Net Profit : $147.60
What's Scalping ? (From investopedia)
Scalping is a trading style specializing in taking profits on small price changes, generally soon after a trade has been entered and has become profitable. It requires a trader to have a strict exit strategy because one large loss could eliminate the many small gains that the trader has worked to obtain.
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