SPY Short, Daily timeframe

16 Nis 2016

Short idea on SPY. The price was rejected by resistance at 213.3 multiple times in April-July 2015. It has been on a downtrend since then. SL is above the resistance for security, however this is just according to my strategy, and you should do what you feel is best for you. Target is right above Fibonacci 76.4, however will reevaluate and move SL at each Fibonacci level.

Position:
Enter: 207.63
SL: 214
Target: 188

Order:
Enter: 210
SL: 214
Target: 188

Trail at:
1: 202
2: 198
3: 194
4: 191.5