So I have a daily trading system for the SPY. It's straight momentum, and I've discussed it on the Leo Roundtables several times.
The conditions to get in are simple: If the gap is in the right direction, wait for a retracement and jump in.
Today, I was waiting for a pullback and then planned to get long.
This is what happened:
I set alerts so that I don't have to sit there watching it. I even gave myself a little bit of buffer room and set the alert a bit above yesterday's close.
That green reversal candle came within 0.05 of my alert and then turned around. That would have been 2 points on the SPY in a daytrade. That'd be a bunch of money in my pocket.
But it didn't hit my alert. I didn't get into the trade. I've learned from long, painful experience that you need to stick to your system if you are going to trade your system. It sounds simple, but it's hard to do.
Posted Using LeoFinance Beta