So we are riding this trend and for now am . But will it freak out? We can close this and be profitable for the day (giving up the profit target). Or even add on a bounce (fade). This has NOT been working well, lately. I guess we will just go with the trend (lower-highs and lower-lows) until it breaks. I know, I know - to probably give up gains for more (albeit small) losses. One thing I have going for me is that last week when my mid-term SHORT NQ outperformed my YM & ES LONG. . .I actually gave up some. But today the opposite is happening to my favor.p$
Target hit, closed 1NQ at 1176.25 for a 9 point gain. Entered 1ES LONG w/ 1 point STOP to see if can profit from the bounce. Edit: closed 1ES for $75 gain. (It made a minor bounce off the ES profit (downside) target and well just took the $$$ and ran).
OK - it looks like there has been some severe selling of tech issues today. Redemptions? I do not know. But what I do know is that there is plenty of room to the downside for more selling into the close. Or we could POP since we hit the day-traders UT (ultimate target). I placed (2) STOP orders: BTO 1ES at 863.5 STO 1ES at 858.5 We shall see.
Well it did just that - <i>popped</i> to trigger the BTO STOP order. I placed a 1 point STOP. We shall see if this has any legs. Edit: not particularly liking that entry, it was STOPPED. It was more likely to be a continuation of the bounce I thought was small and profited from $50. It would've been better to hold it for 3 more! Entered a SHORT STOP order at 861 with a 1.25 STOP. We shall see. Edit: that didn't take long as ES DID suddenly drop 3 points to fill the position and place it with a 2 point gain!
STO 1NQ @ 1176 Entered STOP order to STO 1ES @ 857 w/ a 1 point STOP. OK that hurt. Churning account now and took another $50 loss waiting for this thing to close at the lows. Still SHORT the extra 1NQ and now added one more SHORT at 1175.5 with mental STOP.
Finally pay$ off with a sudden <i>5 point drop!</i> Edit: drops another 2 points and then bounces back up two so closed out for $200 profit.p$
Sweet! Improved 1/2 my NQ hedge (SHORT NQ's) by closing on the late bounce at 1178.5 to then put it back on at 1192.5 - when it bounced more. Every little bit helps, I guess. pay$
Wow. A 7 point range on the ES for the first hour is a welcomed break for this trader. p$ Edit: There are still 5.5 hours left to trade.
Once the indexes decided they wanted to display continues staunch weakness and had breached the BD (break down) level, I decided this was going to be another slow day of babysitting and I might as well make some $$$ while sitting around. <b>$461 gain</b> I did well today by simply looking at the (line) price chart and deciding I could get this or that!?! pay$