{"id":19899,"date":"2012-07-08T13:51:02","date_gmt":"2012-07-08T17:51:02","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=19899"},"modified":"2023-04-25T17:57:29","modified_gmt":"2023-04-25T21:57:29","slug":"two-spy-trades","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/two-spy-trades","title":{"rendered":"Two SPY Trades"},"content":{"rendered":"<p>I don&#8217;t trade the SPY on a daily basis. But I have a few &#8220;go to&#8221; trades that I will make when they trigger.<\/p>\n<ul>\n<li>Fade a pullback to a recent S\/R level in the direction of the higher time frame trend (Trade2Hold)<\/li>\n<li>Fade a pullback to a recent S\/R level against the direction of the higher time frame trend (Scalp Trade)<\/li>\n<li>Long\/Short breakout of multi-week S\/R level (Trade2Hold)<\/li>\n<\/ul>\n<p>There are probably a bunch of other trades I could make but as I have said countless times as traders we have a limited amount of mental capital and mine is spent on In Play equities that offer risk\/reward of greater than 1:5.<\/p>\n<p>I made two trades in the SPY Friday. One was a scratch and the other a decent size winner. The first trade was a long against SPY 135. This really was a &#8220;throwaway&#8221; trade. 135 wasn&#8217;t a major support level. It was just a whole number almost two points away from the prior day&#8217;s close and so I expected some type of buying against the level. It was a &#8220;B Trade&#8221; at best. I got long 135.03 and when it popped to 135.25 I sold 25% and placed a stop at 134.98. I was stopped out for basically a scratch on the trade.<\/p>\n<p>The second trade was more solid. I got long against the June 29th gap low of 134.85. I was long from 134.87 and risking less than ten cents. This was closer to an A trade as a SPY gap low will be bought the vast majority of the time the first time it touches. But it is not an A trade for me as the multi-day uptrend was broken with the gap below 136.30. I sold partial into the move to 135.50 and got flat before the close in the 135.60s and realized a profit of greater than 5x my initial risk.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/07\/spy-multi-day-july-6th.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-19906\" title=\"spy multi day july 6th\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/07\/spy-multi-day-july-6th.png\" alt=\"\" width=\"600\" height=\"420\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/07\/spy-multi-day-july-6th.png 1000w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/07\/spy-multi-day-july-6th-300x210.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p><em>Steven Spencer is the co-founder of SMB Capital and SMB University and has traded professionally for 16 years. His email is sspencer@smbcap.com.<\/em><br \/>\n<a href=\"http:\/\/twitter.com\/sspencer_smb\"><img decoding=\"async\" src=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" alt=\"\" \/><\/a><\/p>\n<p><em>No relevant positions<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I don&#8217;t trade the SPY on a daily basis. But I have a few &#8220;go to&#8221; trades that I will make when they trigger. Fade a pullback to a recent S\/R level in the direction of the higher time frame trend (Trade2Hold) Fade a pullback to a recent S\/R level against the direction of the higher time frame trend (Scalp &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/two-spy-trades\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":19906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8,3],"tags":[170,433],"class_list":["post-19899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","category-technical_plays","tag-spy","tag-trades"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Two SPY Trades | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/two-spy-trades\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two SPY Trades | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I don&#8217;t trade the SPY on a daily basis. But I have a few &#8220;go to&#8221; trades that I will make when they trigger. Fade a pullback to a recent S\/R level in the direction of the higher time frame trend (Trade2Hold) Fade a pullback to a recent S\/R level against the direction of the higher time frame trend (Scalp ... 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