I'm already done for today; so, hopefully it goes down just enough so JJ gets his points then reverse to the upside.
Hi JJ, what "unusual market action" do you refer to? I do not see it, maybe you can point out what you are seeing. It was all bull-action for the last 3 weeks. I know divergences are not part of your methodology, but that move was clearly seen in the technicals. From my point of view, I am not too surprised that there hasn't been a so much anticipated pullback to perhaps 200MA in the S&P, as, sorry to repeat myself, after a WRB like we had recently there is a med/high probability of a pullback not happening at all, until the time the higher resistance level is reached, which would be 1290 in the cash index.
I always hold my trades unless I have a good reason not too . Although to tell you the truth, I was up very late last night, so I couldn't help but take a nap (I figured "what the heck, if my stop gets hit, I'm protected"), so imagine how I felt waking up to this . I stretched my target on this one, now up 2.00 pts ES and done for the day (although it is late and I don't think it'll turn-around, why tempt the fates). Later, James
You know Romik, from a technical point of view you are correct, but I just like big strong trendy days where it's really easy to make some MONY! - my assessement was almost entirely subjective based on my own wants and needs (heh). P.S. I think I closed my trade too early and I bet this thing drops like a rock ... but thats alright!, better the bird in the hand ...
Why not a trailing stop, automatically moved along with the market? Moves like this late afternoon tend to steamroll, since traders get trapped and want (need) to get out. Good trade. A really good trade. I did not catch this move, but dodged a bullet avoided buying what at the time appeared to be a breakout at right after 2 PM on the e-mini Russell. I did not even consider shorting, since I considered this a range day, and range days tend to gravitate back to the open.