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Ok so the SPY traded up and touched the bottom of the triangle that we were watching and looked like it was going to potentially close strong above that line however it held as resistance and the market sold off into the close finishing up at 87.04 which is the price that I am going to take for my first trade using the Marketclub analytics package.
For my paper trading I am going to say that I have a $30,000 account balance. For this trade I am willing to risk 1.5% of that which gives me a total risk of $450. I am setting my stop at 92.55 which gives me $5.51 worth of risk per trade. if I divide 450 by 5.51 I get 81.66 shares which I am going to round down to the nearest whole number of 81. So I will be trading 81 shares here short at 87.04 with a profit target of 75 and a stop of 92.55.
For the purpuses of my papertrading I am going to exclude slippage and commissions.
Here is today's chart which shows the 87.04 close in the market.
SPY Daily
As always if there are any questions or comments please feel free to leave them in the comments section below, and good luck with your trading!
Best Regards,
Dave