quick update: QQQQ 54.38 in early AH on Friday. I will be looking at the charts over the weekend to see if I could come with some adjustments as far as closing this position goes. Since the full position was in place twice i had an opportunity to exit for ~0.4% Profit and twice went into ~0.7% drawdown. This does not sound too bad. I have not seen anything in the market that will make me change my Short stance here but I will be happy with taking ~1% profit on partial position if any should come my way.
the bull is just too strong. i must respect that. with half-position covered for a tiny profit it is easier to wait until the beast gets tired. and then go for the jugular! probably won't do anything unless ~55 QQQQ 54.72
QQQQ 54.76 patiently waiting in the ambush to add my other 1/2 position. with the market at the new highs the bull will likely make a run for it. i want it to be happy and unsuspecting...
54.85 added second 1/2 update: QQQQ 54.90 in early AH average position entry price 54.56. the plan is to sit tight and watch the market. mental stop ~55.7
as the market keeps pushing higher against me i will now focus on position liquidation instead of shooting for a decent profit. QQQQ high so far today 55.69 (2% drawdown). I have moved my mental stop to ~56 and will try to cover the position somewhere in the lower 54 level which i think is reachable.
why don't you honor your original stops and just wait to get in at a better price point? If you have a "mental" stop and dont honor it.... it's not a stop at all, rather a false sense of security. ...and a sure way to lose a considerable amount of money.
55.70 was not reached BTW. i adjust my stop based on what i see in the market. 55.70 was from >1 week ago and got "outdated"
I do what Shortie does as well, but I do see your point. In my trading, I will have an initial stop, but will move this accordingly. However, none of my stops are mental. If it hits, I'm out!. I suppose Shortie has greater discipline than me