I usually close all my positions 10-15 min before 4pm. Apparently, I've violated my own rules today by initiating a new position at 3:40, but didn't close it until market close.
With the vol spike at 3:45 and TOS of SPY, the swing high should be very close to 1132.5. The pull back is very likely to retest EMA20 on 5 min chart or the slanted inverse HS neckline aroun 1131. However, I didn't pay enough attention to time factor. The mistake has turned a potential winner to loser (price dropped almost a point after future market reopen at 4:30).
Another thing has to be careful is when fading the trend (look at the higher high and higher low of all the 5 min bars since 2:15, the uptrend is apparent), I have to be extremely nimble and should close out the fading trade if price pullback didn't occur right away (3-5 bars 15-25 minutes). The tiem period depends on the market volatility and time of the day. At open/close, price moves much faster than other time of the day, so if anticipated price move does not occur for 5-10 minutes, it probably won't happen at all.
With the vol spike at 3:45 and TOS of SPY, the swing high should be very close to 1132.5. The pull back is very likely to retest EMA20 on 5 min chart or the slanted inverse HS neckline aroun 1131. However, I didn't pay enough attention to time factor. The mistake has turned a potential winner to loser (price dropped almost a point after future market reopen at 4:30).
Another thing has to be careful is when fading the trend (look at the higher high and higher low of all the 5 min bars since 2:15, the uptrend is apparent), I have to be extremely nimble and should close out the fading trade if price pullback didn't occur right away (3-5 bars 15-25 minutes). The tiem period depends on the market volatility and time of the day. At open/close, price moves much faster than other time of the day, so if anticipated price move does not occur for 5-10 minutes, it probably won't happen at all.