Choose one of three: SP, DJ and DAX. Depends on their charts progressing. That's why I don't want to post points to confuse you, as each time can be different index.
OddTrader: If you post like this: long dj 9246 short sp (price) then it will be easy for me to follow, probably easy for everyone to follow. We can all root for you then, because we'll know what you're doing.
Damir: The DIA have been pretty static. I didn't test them enough. I wanted to average down one more time at 92.58 or lower, and they're just hanging higher. Doesn't seem 92.68 is enough to average down. And don't want to run out of time. What do you think? Will I be able to average down again till eod, or do I have a time limit? Take a smaller averaging down, to get it in?
market is static, not much of anything happening. sitting tight is probably the smart thing to do for the rest of the day.
almost forgot: it's not an average down, it's a scale-in. subtle, but important distinction, each entry is its own unique entity.
Okay. I'll keep the order at .58 or drop it to .48 in case the market collapses in the next hour, and then pull it? So, yesterday, when I sold the whole paper lot, at once, at the average price/average gain, was that wrong? It seems easier to unload these especially today with that early mistake, by using the average down concept. But I should add that when I trade, I use scale-in. Always. Just here I started figuring average. So I guess that kind of answers the question.
disregarding the inadvertent early trade you're pretty close to breakeven, right? if so, just stand pat until you get your profit, again ignoring the inadvertent trade. the way to get out of a mistake is to...just get out of it ASAP; making it more complicated by getting even deeper in is usually a bad idea. speaking of which, what's up with that penny stock from yesterday?
Second entry was 92.88, so I'm not that close to break even. It's at 92.69 right now. I'll go for the profit target on that one, then, and keep the higher target for the first entry, then, maybe carrying it till tomorrow. Does that sound like the best way under the circs? The market dropped immediately after the first fill, so I didn't have a chance to break out at break even, or nearly. Of course, I hoped the market would give me that slack but of course, it doesn't. Bad!
so 92.88 was the first "real" entry, right? and you don't have an entry corresponding to where we're at right now? if that's the case, pretend that first inadvertent entry was taken at the current price, and look for profit based on the new pretend-average, which is about 93.