Trade Recap for Tuesday 9/19/23

Trade: $SPY 440p

• Reasoning: key support breakdown

• Entry on the contract: .85

• Exit on the contract: .95, 1.1, 1.21, 1.71

• Profit in percent: 102%

Today, SPY started with a gap down and I was looking to see if we were ging to hold the 442 support and bounce back into 444 or if we were going to fail at 442 and breakdown into 441.20 and then 440. I wanted to be patient today and wait 15-20 minutes before taking a trade. Within the first 15-20 minutes, SPY was printing the classic 3 step candle to the downside. When SPY broke down under LOD which was right above 442, I went short with the 440p. Shortly after, SPY ended up hitting the 441.20 and 440 targets.