Time frame is a big determinant on how much leverage I use. I use 10 times leverage on intraday trades.
I bet we trade below 2750 at least. Held a short from earlier that I took out on this retrace back up to 2761. Too nervous to risk a bottom forming here with money on the line. But if my pockets were deeper than they currently are, I'd hold my shorts to the close today.
I don't have any clear targets below. Seems like round numbers are likely, i.e., 2740, 30, 20, 10 and finally 2700. 2% down at 2736,50. 3% down at 2708,50. Currently down only 1,3% or so, so no big deal yet. This could be it. I have no conviction either way, but the path of least resistance remains down for now. If I were to bet, I'd say we're just retracing now before another round of selling.
How about now? 200 points off the highs. You had a 150 pts stop loss (that is some skill to "trade" with such stop loss) and you over rode it when proved wrong. The sum of your last 2 trades currently is 169-116= -53 points, and that is for holding for 4 months.... Oh wait, while I wrote this short post the market dropped another 7 points (at 2733) so make it -60 pts. Record keeping for journal integrity purposes... Edit: I promise not to keep editing but below 2720 now...
Another amazing day in the markets. I feel like an amateur only taking home 10 points of profit (per contract) on a day like this. I find myself playing a bit too defensive and afraid of holding on to my convictions. I'm sure tomorrow will be just as volatile. At a glance, I have a 3/5 chance prediction of a solid down day tomorrow as well with what I currently know. Assuming we don't open heavily gap up.
“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.” ― Sun Tzu, The Art of War