Tuesday, December 20, 2011

12/19/11 Trade - Short SPY

I was a little bullish yesterday and when SPY gapped up and retraced to 5 EMA right after the open, I was ready to go long on any sign of strength. SPY formed a bearish inside bar and instead of taking out the low, took out the high. I was waiting for the 5th candle to close above 50 EMA on 15 min. chart. Price then took out the morning low in the 6th bar. Instead of going long, I went short, took 3/4 out at S1 and held the rest for some more downside. Price consolidated and then moved above 50 EMA on 5 min. where I had placed my stop loss. It was a head fake. I covered the remaining just above 50 EMA on 5 min. chart.


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