Shortie Got His Crash!!

Discussion in 'Chit Chat' started by pspr, May 6, 2010.

  1. nice going! Imagine if you were trading 10c's - boom! however, consider todays action as a gift from the market gods. In a way it screws up the markets because there is no longer a nice orderly reversal happening - now we will chop, chop instead
     
    #21     May 6, 2010
  2. akmusic

    akmusic

    The thing that I am really worried about guys is that I think there will be a correction the next few days if this indeed was an error. I had some piss poor stocks that I dumped last week that cranked today due to this error. Since its not a real solid gain, technically should drop just as quick as it went up right?
     
    #22     May 6, 2010
  3. NoDoji

    NoDoji

    At this point I have a backup account, a backup PC, a secondary internet provider, and UPS's on everything. I also place stops on all my trades the moment they're filled, and quite often I bracket a target too. In the time it would've taken me to switch to anything different, ES had bounced huge already and no way was I about to chase an entry 30 pts or more from where I got excited about it.
     
    #23     May 6, 2010
  4. xburbx

    xburbx

    not sure i buy that it was any kind of mistake. the price bounced too well off a heavy support area. it didnt stop in the middle of no where. just a thought
     
    #24     May 6, 2010
  5. noddyboy

    noddyboy

    Bears are awfully quiet. Bet most of then did not make enough money and now it is over.
     
    #25     May 6, 2010
  6. actually i am kinda chatty today - agree that this f's up a nice orderly market trend reversal - but ive been shorting for weeks now - eh
     
    #26     May 6, 2010
  7. the reality is that i suck! :(

    unfortunately, i was way too early shorting the crazy Mar-Apr upmove. i also overleveraged like crazy way to early. by the time the market finally saw its top my account was a total wreck. i still stayed short and managed to recover some of the losses during the last two weeks. today i had several Buy limit orders that flattened me out ~ SPY 112-113. i actually was on the road during the crash, i wish i could have witnessed it in real time!


    actually, today after i saw nitro's warning about likely1150 breach, i moved my last buy-to-cover orders much lower and went on the road. 2 hours later: boom! easy money!
     
    #27     May 6, 2010
  8. Heh. Wished I had shorted more contracts, as I briefly considered, tradeshark. I'm a decent trader but I'm limiting myself to one contract only until I have this scalping system working like I want it, even on flat days. Today was a good test. How did your system do today?
     
    #28     May 6, 2010
  9. kept taking small chunks on the way down but it is setup for scalping. The first few mins of the bounce cost me via short squeeze so I turned it off and went long for the move into the regular session close which prob did better than the freaky selloff. every day is a new adventure - always tweaking
     
    #29     May 6, 2010
  10. What Platform you were using?

    My TOS has the Low of Day as 1066.5 for ES
    while my IB gives me a readign of 1056

    More than 10 points difference. What a joke! lol

    Fortunately I use these brokers for options trade only.
     
    #30     May 6, 2010