You are probably right. I am half short and half long all the time because I have given up trying to understand some of this stuff. It just amazes me how the market continually over-reacts. I guess I should never underestimate how history repeats itself - human nature never changes much I guess.
A good system would have gotten you long with minimal loss if short at 10:10, or have already had you long at 10:04 as mine did. My only disappointment is my system takes set profits and does not grab those pleasant "surprises".
I'm still looking for the post that says "I got buttf***ed when the spooz rocked, covered at the high, and didn't reshort". There's always a post saying how "I just covered my 3 week swing short 3 milliseconds before the ramp".
LOL. You'll be waiting a long time at ET for such a post. Expect to only read about clever traders who played this humongo spike perfectly, had the wherewithal to go long immediately (at market, of course, so they were filled) and ride it all the way up.... or astute enough to short at the top and ride it all the way down.... or maybe they'll mildly complain because they caught most of the move but didn't quite get it all (darn it, I always exit too soon). Such is the life of anonymous message boards....
I'll admit it... when the spike started, I tried to go long, and made a mistake I've never made before -- entered a short order when I meant to go long. By the time I got out of it, literally just seconds later, I had lost two and a half points (ES), which was the difference between an up day and a down day for me today.