SPY touched 1270 on Friday. I anticipate there will be some bounce up from 1270. Hence I bought 7 June 129 call for $1.09. The previous intraday low for this call is 0.97, hence I set the initial stop at 0.97. Then I modified the stop order to raise the stop to 0.99. Due to the fact that I set the stop too tight, I stopped out my position soon after there is sudden down in 5m bar at 12:15pm. I still think my stop strategy is ok. My problem is that I did not anticipate that the market is so weak and there is no quick and significant bounce for spx=1270. I probably should not trade on Friday.
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