- ESZ0 trading after hours at 1128 now = cash equivalent 1133. Stopped out short. Not willing to wait till closing to confirm.
- Looking now instead at a potential weekly SHS bottom at 1012, NL 1131 = upside target 1250.
- Clearly putting myself at risk of getting whipped to death here as well as open to ridicule. At times like this one regrets having made a commitment to blog about one's trading.
- Will go long on a NY close above 1131 tonight.
- Too sick of this to think about re-establishing shorts if we fail above 1131. In any case, the SHS "Top" I was previously looking at (and basing my short on) has now morphed beyond recognition. And if its no longer a SHS top, then it's in range trading mode. Which means I want to avoid trading it.
4 comments:
why not wait for a confirmed cash close? you've always had a longer term view on the markets so in this case seems unlike you to change your mind. i can imagine your frustration since i've got the same position on. but while it may cost you a few more points if it just keeps going up and closes higher to end the week its worth it in the long term to stick to your original plan for an actual cash close, because an exhaustive spike higher and closing the day lower would feel much worse. and i definitely don't see you being ridiculed for getting a couple of trades wrong, especially in a market that is acting like a random walk and whipping a lot of people around. keep fighting!
Nothing like a flat position to clear the mind. In this case, I want to be flat so I can be mentally strong to buy the break of the SHS bottom neckline at 1131. After having been short for such a long time, it is not easy feat to somersault.
Guitarhero - You were right.
well guess it didn't matter in the end! good luck with the long trade.
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