Finished for today. Very decent. Still long AAPL 195DEC calls which I bought right after opening. Usually I tend to lean towards the "short side" as I am bearish for the economy. BUT this setup is just pretty strong.(I am refering mainly to the NQ/NDX) 1. From 7th november we saw a over 200pts decline, consolidating around 200. The bearflag was annihilated during the massive runup on 11/28.(Note the retrace to 2050) A such failure means often that we´re going the whole way back. 2. Look at the chart of AAPL(about 17% of the NDX). Says it all. Closing around 190(daily high, near ATH) 3. Seasonal aspects
I was wrong in the morning on the short and took my stopout as planned. I am about making money, not being right. Definately, lost money today..but Ill make it back tomorrow.
Yep, does anyone really know the market will be up tomorrow. Apex is a good example of someone who is able to change his opinion on the market and jump in with both feet, a rare skill. I wish I were better at it and constantly have to fight this tendency; look how bad off you were if you kept believing that the market would sell off. That's why you have to have rules and you must honor your stops or else. Sure you can martingale and get lucky but eventually you will pay the piper.
thats why I love MA's so much, they are a form of risk management. They keep me on the right side of the market...
Absolutely delicious. Check the NQ drop. Flat @ 24. That last move up was dirty. Great way for the big boyz to flip/unload their position.
The call was .75 from being the exact top before ES fell to 1483. I guess if you trade with 12 point stops it was great.