And the weasel popped! If it goes any higher here say 1115.25, resistance will have been broken and the shorts could really start feeling pain.
15.25 resistance broken? Isn't 15.25 the open? thats usually a key resistance area.....im thinking 17 area good for short
I'm going to be a rebel and say I disagree that the SPX will hit 1110 by 4pm EST. That said, I did move up the stop loss to 1111.25 for the emini.
Maybe not good risk vs reward but trade worked. Per my conversation with a chat room leader, he said if I was in heavy it was fine to take one off at BE. Anyway, went long at 1114, and added at 1112, and took 1 off at BE, and 1 off at 1114. Obviously, at 1114, I was in fact thinking we would break out of the range and head for the day's highs. The trade did go .50 in my favor before reversing. I think once it was in my favor, I could have brought up my stop loss, but did not. Once I took off 1/2 my position at BE, I did move my stop up, so at that point, I would end up only taking a small loss on this trade, my other option was to again add at the day's low, but I felt at this time, if market again reversed, it was possible that we could break the day's low, so I would rather watch the market at that point rather than being stuck in a losing position. Now, the reason I took off the other 1/2 of my position at 1114 is that I no longer felt confident that we would break out of the range, and at this point I could take a small profit and end the day with a small profit instead of a small loss or BE trade. The reason for not setting the trade at BE or bigger profit is that there is no support at BE, its really just trading noise at that point, and any small spike down could get me off at BE and then the market could head back up without me. Now, you may ask what would I have done different, I had 2 confirmations on my 1st entry, but I will now wait for the 3rd confirmation or being able to buy closer to the bottom of the range rather than hoping for a range break out. Although the market did sell off at 1119 and head down during the market hours, I actually felt trend was bullish since we had breached previous resistance on Sun. Normally I am willing to average in if I believe I am trading with the trend rather than if I take a counter trend trade. I assume some are trading the gap, and expect the market to tank to 1105, so we will see what happens at end of day if we stay stuck in a range or not. I am thinking we stay in a range today.