Tuesday IWM Gap Up

 

On Friday, $IWM had an inside day. Tuesday morning, it gapped up big. Right off open it came down into daily 2-U trigger and ran about $3 up to $170.08. On gap ups watch for retest and break higher. These do work out nicely. I traded this on the way up, but I didn’t HODL to my PT 🎯, which was in fact, $170. 

Green Streak

 

Trading $SPY yesterday off open. I used the premarket candles to draw a trendline that was useful off open. The first 15 min candle rejected initially and I went short at $3.94. Within seconds it was $4.20 and I sold. 

—

Other notes: on fifth 15 min candle we got to NHOD and at a key level i thought going short was the play. I didn’t execute as I am working in a more patient mindset — observing and memorizing so as to be more automatic in the future. This was the right trade as a nearly $4 move down occurred within seven candles (105 minutes). Hit magnitude again later in the day and did not go short on it at NHOD around 2.30pm; once again, this will be memorized. I actually did try to go short here in TD acct, but it was inaccessible due to a transfer. 

Later in the day, $spy had a 2-1 on the hourly. That had a great move upwards. I was too focused on $appl and missed this. The move up was about $1.20. I was focused on $appl because the compression on the hourly looked better at the time, but in hindsight, it began to expand too close to the hourly close for the r/r to be worth it. It did, however, hit the PT.