Hi Marty. I have 20% of my portfolio in SPY and wanted to ask where you would suggest I place my trailing stop loss orders? I was thinking of 3 TSL orders (conservative, average and the last 1/3 aggressive). I am open to using ATV as the bases or perhaps EMA or MA. Thanks in advance for your prompt attention 🙂

The SPY has been making higher lows all week. I am not sure of your purchase price. However, if you plan on scaling out of your position in thirds, the first sell for me would be when it makes a  significant lower low. I mean if it trades one point lower, then I may hold. But the low for this week is $577.04, and if it traded below $575.00 then I would sell my first third. But, we must acknowledge that the 21ema is at $564.00 and you would be selling 1/3 well above the 21ema. It is always wise to take some profits as we do not want to be greedy or complacent.

The SPY has advanced 26 points or 4.63% this week. If you bought prior to the start of the week you are sitting pretty and have some options.  That is a place good  to be as you can afford to sit through some back and fill days.

The daily chart looks like a cup shaped pattern that has consolidated for 13 weeks and is ready to break out soon. I would not be in a hurry to exit my position as it may turn into a real windfall for you!

Congratulations!

Regards,

Marty