And just that quickly…
The SPY trade was stopped out in one day at 150.24. Also I discovered another error in the spreadsheet I wrote for this project- it didn’t affect the entry and exit targets significantly, but it’s a good reminder to always be diligent in double-checking when you copy/paste new data into a sheet- particularly with cells containing indirect references (which don’t automatically adjust when the cells shift down and over).
I’m planning on calculating the profit/loss for this project based on different position-sizing strategies: fixed-dollar amount, fixed share number, and the one I personally use, risk-based position size (i.e. “R“).
Also, don’t think I don’t realize that I’m starting this tracking right when the market appears to be rolling over, and that I may spend the first “x” trades getting whipsawed. That’s OK. What I’m working on here is paying less attention to what my gut tells me, and only using my discretion within the limits of the trading plan (vs. saying “to hell with the plan, I’m going all in short!”).
Nothing teaches like real life.
Summary:
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Number of trades so far: 1
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Position: Cash (last trade stopped for a loss)
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Plan: Long above 151.60 or below 146.50, with an initial stop of approx. $2 on either one.