delay with my posts I think. Anyway, i'm long for a swing. Santa Clause plus the Fed puming in money each day should help me along.
Swing view changed, now short up to 1155 on russell, watching for possible blow-off above, but 1155 is clean (current ATH today 1154.5 on march 14 contract). congrats to bulls from 1095 last week. wonder if any algos that did not have sanity checks got flushed out on the russell cash index data this morning. Holding -1 NQ 3560.25, might add up to 3570, considering interactions here if we do blowoff but looks like we will just peter out here (primary assumption at this time). Happy holidays.
Why don't you just buy and hold? Is your trading more profitable than that?It doesn't look less risky,considering your last trade...
After looking at this further, and considering what-if's: Would be surprised actually if this trade works so cleanly. Media pushing the long side but, hey, not one to argue. Would love to stick to the contrary perception of news, just anticipating scenario where this trade might not work (reason again not the least of which being the strong momentum from last week's fed blastoff). One cannot expect the news to always be mis-guiding, else everyone would pick up on it as a reliable fade. In terms of the charts, NQ is at the obvious upper channel at 3570 (current high 3567.50), but it's Christmas. Maybe we tank after Christmas, similar to Thanksgiving (for a swing), but feeling less confident with this one as the upper channel becomes more and more obvious with quite a number of retests. This is part of where the blow-off idea comes from (always on the lookout for the unexpected), but in this case, I might just eat the small loss if we spike above 3570+ in the coming hours/days, instead of adding and getting trapped/frustrated. While closing the trade at a small loss and watching it do what you expect is never fun (particularly for someone who trades infrequently), there are enough good trades that it isn't a Greek tragedy for this to occur every so often. Having said that, Russell futs are making a cute little pattern that might fall down at least to 1145 by the time CME closes for x-mas tomorrow, but not counting on it. Will let price keep me in or stop me out. Probably won't add to NQ at 3570+ (open to the idea, but not excited about it), but will rather re-evaluate short idea just in case the upper channel finally breaks up. This might open the possibility for a bit more upside before any meaningful correction takes place (always re-evaluated as the action unfolds, as usual). Thanks to everyone for your kind advice and help this year. I learned a lot and appreciate it very much. It's a constant learning process for me, not the least of which is maintaining self-control, staying cool, and sticking to a solid risk management plan (imo). Sorry for the rambling post. Good trading to all and safe holidays.