Discussion in 'Trading' started by Port1385, Nov 25, 2008.
Set the trailing stop tight at 1 point. Not much room to work, but I think its going to fall pretty quickly. Probably rebound, but we'll make money today. We are at 868 while I type this.
I was holding several SHORT positions up to 863.50's yesterday in ET chat and caught the 30 point drop with a final scale out at 839.50's, so fading certain levels can be VERY effective in a BEAR market. I am going to SHORT again but I will wait until after the CASH session open as there is better levels above the current area......wait a bit would be my opinion.
Got taken out, made a few points. Going to try to fade it right at the top again. Lets see if 872-875 holds. I'll fade it right at 872 again if I can.
Was able to get a 869.50 entry just out of the open....will see what we get.
Covered at 859.50.....that was a good move out of the open....not bad.
Some very accurate hand calculations I've seen some make have 884.5 as an upper target and 887.75 for an extended.
Either way, I have some SHORT "swing" contracts hedged with call options. They are now ITM so I am going to start peeling them off - replaced with OTM call contracts.
We'll see how this fade goes.
Sorry, I lost this thread and just found it now.
I did a few shorts since my last post, got stopped out a few, but made some points. Need to loosen up the stops a bit.
If 850 doesnt hold, then its going to fall hard. Thats what Im looking at now. Too much overhead resistance and lots more bad news out today.
850 is holding
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