Selling the dow over the weekend...

Discussion in 'Trading' started by spanish89, Nov 28, 2008.

  1. Anyone else got their sells in on this dow rally yet to hold over the weekend??? :)

    I got mine in at 8725.

    Target is 8367

    (Dec 18th contract)
  2. look look
  3. So... where your stop?
  4. Big stop on this trade, as the pullback is going to have to come, and so i wanted to guarantee being in the market when it does.

    Anyone else sold the rally yet though??
  5. Why didn't you wait for the pullback before going short? Sound like to thing to do here.
  6. bh_prop


    Because the bears feel bulletproof

  7. If you are going to short an uptrend then at least wait for a resistance area.

    YMZ has previous tops around 8900, 9200 and 9600. Nothing special about 8700 area.
  8. Well I wouldn't say I feel "bullet proof", actually it's a bad habit , lazy and not doing what I know I should.

    I'm short YM, one at @8720 and the other at 8800, this is something I struggle with, one of my main rules is "NO" shorts over night (really I don't like to carry longs either, but will sometimes), lots of excuses, got tired, second guessed myself, holding on for hope,, didn't want to give back the days profits (probably my main excuse for today), etc etc.

    I have no one to blame but myself, sorry for waffling, just venting at myself.

    It's probably the biggest problem I have, it doesn't help when it works out in my favor either because it gives me reason to do it again if that makes sense. This year I'm probably a couple of thousand ahead by carrying over night, but it affects my slow upward profit gains, because when it doesn't work out I give up a large chunk, of course it it works out it's usually a big chunk.

    The grinding, scalping seems to give me smaller losses on the day, even on bad scalping days. Plus I have a more relaxing evening and can approach the market fresh each day with no bias.

    Not to mention now this weekend I'll have it in the back of my mind, giving up the couple of days rest. Plus as many of you know it'll affect how I trade while I carry it In some ways I think I've given up more money because of how it affects me, than what I've probably made by carrying over night..

    Guess I'm waffling on to make myself a little accountable the next time I'm tempted not to take a loss and close out flat each day.

    On a positive note, it is a reason I like IB, their higher margins stop total foolishness on my part.

    I think I'm more concerned about being short over night this time, because I seem to have noticed a lot of ET'ers short or talking about it, nothing against ET, but it does seem when a larger amount mention they are long or short, the market goes opposite.

    Well it's my own fault, and I will try to not think about it "too" much this weekend, lol.

    Thank you for letting me vent a little.
  9. Short @894.50. Right around 12:55est i noticed a batch of selling. That should indicate further weakness on Monday. Short small into the weekend. Worst case scenario I'll cover Sunday evening if it goes too far against me.

  10. Because this is the dow mate..... lol

    Duno where you been for the last 2months, but when the dow decides to change direction and start either spiking up 100s of points or crashing down 100s, it does it in a matter of seconds, not minutes or hours!! :cool:

    I trade oil as the dow is just shitty to trade cos its all choppy, but when i see a huge spike like this,
    up over 1,400points straight in 4days with no pullbacks, biggest rally ever in history,
    i feel quite comfortable thinking that it will pullback atleast 400points, so still have left over 1,000points gain. :)

    My sb firm doesnt allow trades to be done after hours so if dow starts to crash overnight on sunday like it very likely could, (as its not 'thought', its general knowlege to ALL traders that the dow is gna pullback from this rally), i dont want to miss out on half my profit if it falls 200points overnight.

    Although i shouldn't have gone in at such a huge amount per tick, as it was extremely risky spur of the moment done more by bordem of teh slowness of the market on thursday,
    so now if dow goes over id be wiped out entirely... :(

    Ahhhhhh, all week taking it calm and safe and relaxed, just to now have huge pressure all weekend.. :(
    #10     Nov 28, 2008