I sorta screwed up the accumulation by starting wed night. Really Monday was the place to build, but I inadvertently let myself get backfooted on that one. Tuition. Regardless, I’m in a similar spot (albeit with some house money). I’m looking to lean into this a bit more. If I were entering now to accumulate a position, I’d put a 1/4 position on now. If it pulls back, ride it out until it comes back up where I’d put another 1/2 position on. This assumes you’re bullish (I am). And then find another spot later to add in the last 1/4. I’m also toying with the idea of averaging down to add that last 1/4 (on the pullback, but it’s a low % move). We all know the 2680 target. It’s not going to make it that easy for us. And I suspect it’s going to take at least a week to play out, maybe 2... that is if it doesn’t shoot straight up Monday. What’s your game plan?
Im slightly short right now but got in much too early, going to watch and see if we get some sort of pullback and try to dump some losing short positions there and add some longs. We might be going back to ATH but I don't see it happening without some bumps on the road.
In reference to patterns, move from 2/9 to 3/13 looks similar to the recent move from 4/2 to 5/11. Maybe I am in denial due to my short position but in my view combined with lack of volume on the recent 7 days up supports a fake breakout scenario of this wedge break.
Fundamentally, you have the right idea but trading the right idea at the wrong time is going to eat into your equity. When the mark-up is finished, the sell-off will come. However, in the interim, which is a worse kind of pain for you? a) the market trades to 2800 without a pullback and you’re kicking yourself for not dumping at 2720? OR b) you dump at 2720 and the market trades straight down to 2650 and you kick yourself for not hanging on? I’m not going to tell you how to do your business but… you have a tremendous threshold for pain. You mentioned before that you used to trade with another guy that banked millions whilst you almost blew out? I’ve been meaning to ask what was the main thing you learned to do differently after that experience?
Managing capital at risk on any given trade. I am not leveraged like I used to be so it keeps things under control even when I am wrong.
Well done on the breakout that's been underway. If this reversed, Do you think it's likely that the 200 day ma would be support again? And if not where would you place your stop/exit position in that case?