However you went short 10 YM (June, I presume) contracts at 15301...which was a great trade had you closed sub 1500. Today YM June is trading at 15311.
let me just offer this up in the FWIW category. On May 20th when you went short YM @ 15301 the market opened up and initially was trading abt 15240 (good shortbtw). At market open you could have sold a June 15050 Put for $500 a contract so at 10 contracts= $5000 big ones in pocket and you have established your short. (at the time you actually sold ...the price was prob a little less but you certainly could have gotten the same amt for 15000). Today you would at least have the 5 grand. Had the market sold off as predicted prior to June exp (and it still may) you could easily roll that put lower for more gain. The whole problem with uni-directional trading is basically its all or nothing. anywhoo good luck with this trade I'm sure you will be right at some point. oh and of course I meant 15000 NOT 1500!!! God help us all if we go THERE
I have rolled the June into the September contract ----- but none the less, I am in this for 1000's of points not a few hundred. thanks, surf
No doubt, you are correct. However, the purpose of this trade is to ride the BIG WAVES, not the ripples prior to the big one. not to mention, hind sight is 20/20. surf
Death cross seriously ? You have any idea how lagged that signal is ? What would have happened if you bought on the last one. **shakes head
Takes mega guts to trade like Surf does though, but perhaps to some it takes the same to zoom in on whats happening in the moment and face your result on that time scale. Different personalities tend towards different styles, waiting on the day chart to develop I used to be rocking back and forth in my chair, watching the one min twiddle about I feel like I am watching an interesting tv show Right at home. Even if there is a coming crash I would have taken the profits on the bounce then entered short again, different folks different strokes just give us all the money
Lessons to be learned here. 1 Don't have strong convictions 2 Need to move with the punches, let the market decide, not you 3 Surf is probably going to get shaken out of the trade 4 Surf will probably be right but timing all wrong, broken clock right twice a day 5 Surf has wrong mentality for trading, he should give this up...how many years you been doing this now...? 6 Surf likes to dump on TA but continually proves he has no alternative better solution, actions speak louder than words 7 The market has an uncanny ability to prove us all wrong with our beliefs, reaction is better than prediction. 8 Trading is fun and entertaining but dangerous to your account. Myriads of things can go wrong.
Did soros not hit the red by shorting the tech bubble to early way back, then load up in the wrong direction as it crashed? ~ Off topic just curious.