Shorty do you really think shorting new highs is the best way to make money in the market? I once new a guy who thought that was the best way too. He shorted gold and silver as they broke to new highs and took a $25,000 account to a $240,000 loss before the firm could get him out of locked markets. True story.
maybe you are right. but i am just following the path i believe in. until i have a better plan, i keep trying the one i have. Qs already went >1% against me. i don't like the fact that i missed the good entry by so much. will be bailing out around my entry price.
If technicals suggest uptrend ( they have for 6 months ) you shouldn't be shorting beyond extremely short term trades. Technology has good fundamentals that makes it a poor target short term.
building my next great trade: i start by going long volatility via VIX Oct futures and VIX June options the idea is to wait for VIX to jump somewhat and and go short June futures which are now 4 above the spot! the calls are purely for protection. Oct futures are more like a side bet that the longer term volatility may pick up going forward and also to give the cushion for Short June Futs.
somebody is bidding up the calls even though VIX is flat. the word about my trade idea is spreading i guess.
VIX is up some more, still waiting for more upside in VIX index that could translate in higher level of June Fut. the position is still incomplete.
Taking advantage of the volatility spike today to finish building my position. Shorted June Fut 18.65, not the best price but it is ok. now the plan is to relax and watch the profits accumulate. Looks like I am ahead of the Smart Money on this trade