SHORTING $SPY (MARKETS ARE OVERBOUGHT?)
Updated
Why I am bearish on the S&P 500?
- WBR Forecast indicator is BEARISH
- We are entering a key zone which we've struggled to breakout from for the past 5 months.
- Jim Cramer is bearish (Usually not a good thing lol) #inversecramer
My personal trade:
Stop Loss / Take Profits:
- Entry: $455.45
- Take Profit 1: $432.24
- Take Profit 2: $412.06
- Take Profit 3: $386.44
- Stop Loss: $464.89
The Plan:
Scale 50% of position at Take Profit 1 (TP1) and move stop loss to TP1.
Scale 50% of remaining position at Take Profit 2 (TP2) and move stop loss to TP2.
Scale rest of position at Take Profit 3.
- WBR Forecast indicator is BEARISH
- We are entering a key zone which we've struggled to breakout from for the past 5 months.
- Jim Cramer is bearish (Usually not a good thing lol) #inversecramer
My personal trade:
Stop Loss / Take Profits:
- Entry: $455.45
- Take Profit 1: $432.24
- Take Profit 2: $412.06
- Take Profit 3: $386.44
- Stop Loss: $464.89
The Plan:
Scale 50% of position at Take Profit 1 (TP1) and move stop loss to TP1.
Scale 50% of remaining position at Take Profit 2 (TP2) and move stop loss to TP2.
Scale rest of position at Take Profit 3.
Comment
Out of this position. Got stopped out at BE after TP1.
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