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Old Feb 23rd, 2012, 06:24 PM   #5161
Macho
 
 
Join Date: Jul 2011
Location: USA
Posts: 736
Quote:
Quote from Laissez Faire:

Holy crap? What do you mean?

I don`t know what will happen overnight, but it is highly unlikely that my original stop at 65 will not get hit.

Since I`m utilizing close to minimum margin, I can afford a 8 point hit. I just don`t want to wake up and see that the market traded to 66-67 before reversing.
Just that you surprised me with a larger stop than normal. I understand what you mean though to give you room on your trade.
 
Old Feb 23rd, 2012, 06:44 PM   #5162
RedTankEra
 
 
Join Date: Feb 2012
Posts: 379
Quote:
Quote from Laissez Faire:

Holy crap? What do you mean?

I don`t know what will happen overnight, but it is highly unlikely that my original stop at 65 will not get hit.

Since I`m utilizing close to minimum margin, I can afford a 8 point hit. I just don`t want to wake up and see that the market traded to 66-67 before reversing.
I believe a vast majority of shorts are trapped because every time the market gives a slight indication of downside, say, a daily red bar, due to it's exuberant extension all the hungry shorts run to short it, well today sort of nullified that as we completed an outside day reversal, encapsulating yesterday's red day so this slow grind up is possibly shorts covering, whats commonly known as a short squeeze, the most logical place where most stops are located is above the last swing highs, so i believe the market will continue moving higher, either in the after hours or tomorrow during the day until most if not all stops are found, there is a very good chance stops at 70s are not safe. If you want to short this animal, you need to do so only and only after the stops are found on new highs and you need to exit conservatively before the retracement ends, otherwise its just plain suicidal until the trend finally changes.
 
Old Feb 23rd, 2012, 06:57 PM   #5163
Macho
 
 
Join Date: Jul 2011
Location: USA
Posts: 736
So your trade is?
 
Old Feb 23rd, 2012, 07:34 PM   #5164
RedTankEra
 
 
Join Date: Feb 2012
Posts: 379
Quote:
Quote from Macho:

So your trade is?
Short at new higher highs with a loose stop, cover during pullbacks.

Buy weakness, particularly after a higher low has been established, distribute at new highs or get trail stopped and retry.
 
Old Feb 23rd, 2012, 07:36 PM   #5165
Macho
 
 
Join Date: Jul 2011
Location: USA
Posts: 736
Quote:
Quote from RedTankEra:

Short at new higher highs with a loose stop, cover during pullbacks.

Buy weakness, particularly after a higher low has been established, distribute at new highs or get trail stopped and retry.
Nice in theory. Other than that,says nothing.
 
Old Feb 23rd, 2012, 07:44 PM   #5166
mastacoli71
 
 
Join Date: Dec 2006
Posts: 2,709
I'll be the first to admit that the market the last 2 months has eaten me alive. Every time I think I have a great entry it proves me wrong. Every time I puke it turns around. Pl wise it is not all that bad but damn psychologically it hurts to grind this long.

I signed up in this room where the guy that runs it is pretty much a long trader only so it messes with my head. I lean short so it is probably just copounding my problems in the market right now.

Any suggestions? I am really struggling right now. Thanks in advance.
 
 
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