Not a question of hindsight. I was correct in my morning assessment that it was a great day to be long the whole day. When in the afternoon, I switched short, I deviated from my well-laid out morning plan and that a mistake. As far as the morning trade (my initial plan was concerned) I had entered at an average price of 2633 on NQ, maximum adverse excursion was when NQ went to 2624.5 - that is a drawdown of 8.5 points. NQ ended the day at 2660 - that would have been a return of 27 points. 27 points profit with a 8.5 point drawdown falls in the category of an excellent trade. Anyways, whats done is done. Lets hope both of us make money today.
Agreed. I guess I was wondering what made you so convinced it was a great trade, because I certainly did not see it at the point of your entry. It would have been a very good long indeed.
Myriad of reasons why it appeared yesterday at the beginning of day that a long would be the trade: 1) Great unemployment numbers 2) Santa rally time 3) Market sold for 3 consecutive days 4) Market action on Friday, we bounced off almost 3 times from the lows and it was kind of apparent that we are going to go up. 5) Bernanke had said only positive things but market had sold off. It had to rally after selling off.
this market is never more gamed than december,could see the 28 mark,there will be plenty of chances to get back 7 pts with better odds