Another breakout fails: currently a $175 loss. I "hedged" with 1ES SHORT and will close it and the other NQ contract as things bounce up and down that may mitigate this loss. I know, while I babysit this market I need to find other things to do. pay$ Edit: market thus far holding at the LITS (Line In the Sand).
Closed the LONG NQ with this recent drop. Thus far <i>shaved</i> $50 off the loss. Should I close SHORT ES contract and be content to lick my wound?
Pulled STOP down to 896 (currently at 895, now 895.50), since I do NOT want to exacerbate the relatively small loss. If we tank great. If not - oh well. Well as they say that was that. Keep losses small and occasionally get action like late yesterday. What does it all add up too? I get the same jazzy feeling from coffee so sitting at a computer is not my bag. In the end - IF things are optimal - I may add an extra few thousand, but for me the "swing" positions actually nab every point with more than a few contracts. Now I have other work to do. Let the market sort itself out.p$ Edit: Wild'n'Crazy action stops me out and then drops 4 points!
Well, that went well. I got the notion - when things bounced a bit from the daily lows (after that steep descent back to them) to go LONG 1ES (mind you these day-trades are <i>extra</i> ones to my main positions) with a STOP to STO 2NQ about 5 points below the low. Anyway, it popped a bit and BTC for $100. These days take the money and run, since a $100 gain is MUCH better than a $250 loss. That is a total affect to your account of $350! Now we get to watch the ES move all the way back to the highs of the day, lol. In my lower margin account I did the same with TFS and NQ. A bit more: $180. So what does it all add up to? I don't know. . .<i>maybe</i> 3-out-of-5 winners and an up day +$250?
Is this intra-day, low-volume rally for real? Only way to find out is place a BTO on a pullback w/ a 1 point STOP. Entered 892 - which promptly jumped 1 point so moved STOP to 892.25 so I at least close with a gain. . .we shall see. So much for that, a temporary $75 gain is closed with a $12 gain. So much for the BIG win! :eek: Got in again w/ a 1 point STOP. The uptrend was narrowing so what that means is we may get a sharp break either way. I'm erring on the side of <i>program trading</i> which may be behind some of this action. So I go to the bathroom and guess what? The trend aka "program trading" immediately gets the memo and decides to NOT cooperate. Take a look at the index and you will see what happened. Now I got work to do!
Wild'n'Crazy markets call for wild'n'crazy actions: I'll let the powers that be sort this one out. ES at 887 BTO @ STOP 889 STO @ LIMIT 885
Entered LONG 889 STOP 886 . . .and now the moment of <i>truth!</i> - still no TRUTH.p$ Edit: ES "prints" 2.5 points higher. Adjusted STOP to at least make a $12 gain. We shall see what the powers that be decide to, well - be. Edit: this <i>thing</i> jumps another 2 points. My STOP is now adjusted to at least retain a $50 gain. . . . Update: further adjusted STOP to at least retain $100. . . .