Trading Retrospective SPY 20240212

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SPY 20240212

I wanted to start posting about my trade setups as a journaling practice, and also to get some feedback and start discussions around charts.

I almost exclusively trade SPY. I've developed a couple indicators that I think are pretty solid, but again, looking for feedback with these retrospective post(s).

ENTRY: Pretty early in the trading day (last Monday, 20240212), we had a very nice setup with all my indicator signals (black-white lines) over their MA (yellow), and all MAs having a positive slope. The crosshairs on these screenshots will be my entry time/price. For this particular day, even if I were late (or more patient - depending on perspective!), it would be a solid trade unless your price target was unreasonable.

EXIT: I'm trying to get better at holding onto my winners (like most here probably). Honestly I'd be hard pressed to hold this one much past $1.00 movement in the underlying. The 3m signal starts waning around 11:00, then the 5m at 11:15. Ideally I'd cut around $502.40, so about $0.85 move in underlying, which is pretty solid on 0.50 delta calls which is around where I usually target by buys. I'd consider leaving a runner or two, but again I'd probably have already bailed (did I say I was trying to get better?! Lol). I also have the 50/200 MA from a 10 second timeframe on the 1m chart (and only the 200 on the 3m and 5m). From my experience price seems pretty sensitive to these on very short timeframes, so you'll get small bounces or rejections off them (particularly the 200) pretty frequently. It might make sense to hold onto this banger until the 50 crosses under the 200, or at least until I see a bounce or two off the 200. After the third bounce I'd really start to get nervous.

Some questions for you: Do you see other TA signals here that would agree with my entry/exit? Where would you exit? Anything else you see that may indicate such a large, sustained run-up?

I'll post another of these for 20240213 and 14 (which are more risky and tricky, respectively), probably later today. Until then, thanks for reading and (maybe) commenting.