Well, that's it for me. TradeStation has some massive system failure that locked up my DOM. It took me 10 minutes to get through to the trading desk by phone to confirm that I'm flat (meaning that my long stopped out for a small loss like it was supposed to), so I'm going to go take that shower now. From his tone of voice, it may be awhile before service is restored. I can watch the action vicariously -- the data feed and all the charting still works fine -- but I can't play. All I can say is I'd love to be short right now, but I guess I'll have to settle for wet and clean. Tomorrow...
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There does not have to be a point; that is just the way it is. Gaps are logical places to place stops. Price tends to gravitate there, because traders--astute traders--know where traders tend to place their stops. This is especially true on days like these, which are dominated by locals.
Just made over 5K guys. Thank you all for help and another fine class in trading. All of you have at least a couple of finest beers when you come around o NYC. Ciao!
Well, my DOM is back working. Also just had some nice news: Some Sept long-term bond call options I bought in July just hit my sell point for a double. My GTC sell order was hit and filled today. (I was getting worried about them as expiration is only 3 weeks away and they were still out-of-the-money until a few days ago.) But I digress... What are we seeing now on ES? Maybe a H&S with a DT for the head, and the right shoulder just forming? Overbought RSIs and MACD divergence? What does anybody think about a short here? Question is academic for me, because (crap) my DOM just went offline again. Obviously they don't have the problem fixed yet.
WTG Saxon, but I still think that you could do a lot better by having larger targets, developing a feel for where to buy and sell will do your nerve system more good than harm in comparison to averaging down until stopped out, also risk reward would be better. Although you seem to be doing OK, I would seriously recommend readjusting, your reward ought to grow and you can only be happy with that, right?