Gave back, be careful adding shorts, if you are adding short positions slowly go back in and do it, Im trading a bit differently now than I was in October 2014 when I thought the bear market was coming, it didn't, I kept that in mind and unloaded almost every short I owned the last week knowing we were going to get days of 300-600 point rallies I then added in longs and now yesterday at the close and today at the open have been slowly adding in short etfs These are the positions I took in the last 24 hours... SDOW bought 1/4 position at $24.75 SDOW bought 1/4 position at $22.75 will add next lot under $20, cost average at $23.75 TZA bought 1/3 position at $12.25 will add next lot under $11.00 SQQQ bought 1/2 position at $25.25 will add next lot under $21 or nasdaq 5000+ ERY bought 1/4 position at $31.25 will add next lot under $25 FAZ bought 1/4 position at $13 had a great profit mid day yesterday but held on, will add more to that position under $11.00 WILL jump into SPXS when s$p gets back above 2075+
I don't usually trade "outright" shorts, except for a few etf's in another account...Just trade options spreads and such...and I did initiate some long call spreads yesterday near the lows, it just wasn't enough to offset how much my puts bled...and then of course the pre-market made me believe the highs were in around 2060's (max 2071)...oh well, f' it.
oh you trade options, totally different situation, I don't trade those. I agree about trusting levels, especially now, when fear even touches this market and volatility surges usually all support and resistance is forgotten about especially when you get days like Monday when the dow opens up 1000 points lower with in seconds of opening, that is the little voice you can't forget.....days like that rarely come around but with the new markets today one never knows...
Check out SRTY if that is your sort of thing...I make a few trades a week in that one. (Inverse IWM/Russell 2000)...
There is a notion to stay in position until move/cycle/phase completes itself on whatever time frame is being traded. So to me weekly is bearish, daily is bearish and 4 hour swing chart is bullish and its up leg phase hasn't completed yet.
Sunday night, early Monday morning isn't something I will soon forget...The thing about that day was that the sell-off the prior Wednesday (and that surge to unchanged post FOMC minutes) was the same type of schizo price action we've gotten used to over the past 6 years...and then even that initial break on Thursday (everybody waiting for them to step in and rally it back to the highs)...the "conditioning" part is really just an enormous element of these markets... I glance over at these daily charts and it's very different than 2000 or 2007-08...I believe that is the reason that VIX had its biggest surge in history...vol suppression was a part of their arsenal to get all of those short squeezes on any weakness...with credit markets and junk trading so poorly, there was zero reason VIX should have been sitting around 12...just more of the repurcussions of centrally planning markets.
I traded that a couple of times before, I haven't traded that in a while since its a russel 2000 etc, I know small caps have a mind of their own and for a small amount of time they were really outperforming the markets and I had no clue where the top was going to be, so I stayed away from that. I like to trade that in the mid 20's, right now its a bit to high for my liking but a day like Monday, well that could push that back over $35 with out a problem...usually with these short ETFs get about 2-3 wild rides a year, where they can rally 30-50% in 2 weeks or a month but then just fall for months and months and months.... if you can catch them at the right time you can do very well, as for SRTY I would wait wait for mid 20's to get in....
You are right but I don't put stop loss on my trades which is very dangerous. That is why I don't trade anything that shies. I have a limited number of stocks that I trade them. Today so far I have not traded anything.