- Check Marketwatch for Headline news
- TA for SPY - pretty constipated movement from Fri, support at 127 and resistance at 128.50. Diagonal Support and potential breakout of ascending triangle
- Forexfactory - CAD building permit lesser than forecast
Sentiment : sideway to the upside
TOS
- Open SPY option chain to look for 2 Call contract
- Set stop lost
- Drew additional support/resistance lines on 1min candles chart
- Added previous trading day, open, high, low, close
- Remind myself on the 2 rules
- Never buy the high, never short the low
- Wait for confirm trend
Once again another test of waiting, noticed that the shadow were pretty long on the bottom and top of candles as if telling me that there was no direction in the market.
After around 10 am (US time), if it break below the support line then lets go for a Put option, opened up the option chain and standby the put option. A few seconds later, a potential double bottom showed up. Waited for it to breakout. And yes! Saw the bullish piercing candle and clicked ! buy (orange circle).
Checked on MACD,
On 1 min chart - MACD red line enter bullish half
On 3 min chart - MACD blue line enter bullish half
Next, prepare to sell
- Hit $5 profit sell 1, trail 1 for $0.05
- Profit : $10 | Net P/L : Profit - Commission = $10 - ($1.25 X 2 ) X 2 contracts) = $5
Retrospect
Ratio : 3/3
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