Traded it poorly. Totally different from small cap!! You must give it wiggle room when trading ETF otherwise you gonna be stopped out many times before make it. VWAP indicator is useless when trading ETF!!! My thesis is SPY will stay green and start reversal coming into the weekend. But unexpectedly I got chopped around in the first half hr before thing settled down. There were lots of emotions in the first half hour so no reason to have position in it unless taking advantage of emotions-namely FEAR. But the best is to avoid it till things settled down .
I have mixed feeling towards it. Yes I made money but the fact is I didn't trade it the best I could. The difficult thing is if you wanna take reactive approach and see rejection before enter the trade then the chance is you won't get filled enough shares you wanted. On the contrary if I tried to be the hero and put enough shares on the best offer it could run me over. I think the right course of action in this case would be still putting some decent size on and observe the process of filling then make decision from there. I should put up big enough in high $2.90's especially when I felt my order was extremely hard to get filled. Could have been a homerun trade if I traded it appropriately.
Good entry, good exit. Easy trade. Relative Volume works in this case!
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