Did you have to sell some of your position due to the use of daytrading buying power? Is this a day trade that you decided to turn into a swing/position trade? You were only targeting 30 points that you thought you might get while you typed the first post on this thread, yet now you are holding overnight. Even if you add more lower and end up making money, I don't think this is a good trade. Your risk/reward is out of whack. I think you should have just admitted you were wrong and moved on. You still have time to do so without getting too much egg on your face.
Dude today was a rant, and was part of a strategy I use. Top humm maybe technically I dont see it, but all the parts are in place for a substantial correction. I feel the money managers are chasing the market and are being forced to play the game. It may go on till year end. Its very risky right here from the long side IMO. I guess I discredit my previous calls by putting on a show like todays. Good luck with your trade!
I'm not "calling the top with the imperative to quit if I'm wrong" or anything but with the price slightly above the Formation top, ADX above 40 for the second time in as many months and stoch & MACD showing some signs of divergence (but no confirmation) on the daily I'm willing to bet some of my money on what I see at this level. If this shoots above my comfort level I'll try it again in the low 12600s (yikes, but then again, with all these performance chasers, why not huh?).
Seems MRC took the day off to attend a different kind of turkey shoot. Intraday turned overnite turned swing?? All the while with no stop.
I have seen the ADX on the daily way up their and showing divergence. But look at the weekly ADX its been flat for 18 months and has now broken up thru 20, thats what is troubling me about shorting.
There's something that just doesn't feel right about today's sell off. Too fast, too good to be true. Can't really pint-point where but could be because, even though we broke the big TL like many here are aware, we're now sitting right on another pretty significant TL that touches the top in Aug. and lows in both Oct. & Nov. I've some idea what the commercials are up to and if my conjecture turns out to be true then I think it could once again get ugly for shorts soon. . . Until I can figure out what's going on I'm all out and might even go long if we start bouncing off the line.
Aggressive run up retracement calls for an aggressive short on my part this morning. Target mid 1370s on ES