I was fairly long into this rally, I didn't call the bottom, I was just legging into longs and got pretty lucky that the market ripped, I didn't expect it to happen this fast, my longs were intended to be a longer time frame than this but the market has gotten ahead of itself in the SHORT TERM in my opinion. I shorted half my total position at the close yesterday and will add on any pop of over 0.5% Tuesday. My exit will likely be the first, possibly second red closing bar so clearly this is a very short term call.
i agree if you're a very short term trader... ie, daytrader... the market can go short here & has gotten a little ahead of itself...
Like I said I'm just looking for the first red close or possibly 2 red closes to cover, I would love a strong open Tues to get my full position.
I don't think trading simply based on changes to Index levels is anything more then a guessing game. Let's suppose that Oil, Silver, and Copper all go up PreMarket Tueday ( popping recent highs to new levels ). In that scenario, increasing your shorts on Tuesday morning is a recipe to lose money. If they all drop, I'd be shorting in those areas.
Good for you, you have your opinion, I have mine. Just to elaborate, you are making a huge assumption that I'm shorting simply based on changes to levels, but like I said, you do your thing, I'll do mine.
Please explain EXACTLY what you are referring to and what the trade is. We can then see how you did on Tuesday and if you followed your own advice. For example, S&P 500 rises 0.5% premarket you will sell short "Security A".
I'm being pretty darn clear NE, if you can't understand it then there's nothing I can do about that. I shorted 1/3rd of my position on the close yesterday, if we close red Tues I will likely cover, if we rally something over 0.5-1% on Tues then I will get 90-100% short and again cover the first or second red close thereafter. Simple stuff, pal.
But its not clear at all, there are dozens of indexes and literally tens of thousands of securities to trade. Some follow the market, others do not correlate at all to the market. For example, look at the direction of BVF on the NYSE the last couple of months. Its basically just up every day with very minor corrections on the way up. Occasionally, it goes up on days the market drops significantly. Nowhere in your posts do you specify what exactly your position is. Nowhere.
I'm sorry if I'm being rude, actually I'm not sorry at all, you're an idiot and anyone that didn't understand without me saying that I was talking about the SPY's is an idiot as well.
Well no doubt I understood you weren't a communication major. But seriously now kiddo, calling me an idiot for asking for a clearly defined strategy is backwards, you are the idiot for thinking you can. Please don't post if you can't communicate clearly.