I took it small and added into it on second leg up, but my balls shrank when it came down and I ended up moving stop to BE +1 quickly, which is just about as good as hitting close or not taking the trade at all. Frustrating day for me at least, should of kept working more and taking more longs.
yeah it was purely technical levels getting reamed in the tailpipe. that last burst into 265+ on the spy was the 1 hr 50sma getting breached. .everything around 265.50 started getting sold and i flattened out, took my 200% on hte trade and watched the sma to see if it would reject...this is going to open up a nice swing long here
You have to scale those starting off slow as its going wild to the upside . 1,1,1,1,1,2,2,2,2,3,3,3,4,4,5,5. Especially after the mkt had such an incredible day and then that crazy maniac run. It takes balls of steel and deep pockets but it's worth the risk as i've seen that trade setup so many times . The run happened to be so vicious and long i got the whole trade in. On my scaling it could have easily turned down before i got my whole trade in.
I took it, happy I did. That is exactly why I trade MES, half size or often smaller makes shots like this much easier. And since I still have a lot to learn I try to make myself as comfortable as possible.
No it certainly did turn down. I was only in 30% of what I was intended / planning on going in before I was in profit. Just the execution was lacking, it's rare I move stop to BE so quickly it rarely works and I know that. This my worst trading day in a long time, I was so off today. I even took a break during trading, which I never do. OK, I am done bitching now. lol
Not much up for the rest of the day to be clear. I was waiting all afternoon, too afraid to step in that long.
2400 for what time frame? I think by mid summer to fall we could see sub 2000. Its so hard to predict because of the effects of money printing. Its hard to determine how much they skew the avg's.
Yes, does make it very difficult to predict. I actually think one of the worst scenarios is Gold keeps going up and the markets go parabolic. I'd be extremely concerned that's a leading indicator for hyper inflation, but doesn't seem many other people are too concerned about that or think that's plausible.