I don't see that as a bad idea; scale in and no doubt you will be UP significantly by Thanksgiving. NO WAY this vola keeps escalating without a large counter-trend reversal and/or rally occurring soon. Q4 is "typically" a good time from the long side. Plus its the 3rd year of a presidential cycle and SPY is off big - - - which historically is a precursor to a large counter trend move. I thought it would happen today. But things are pretty uncertain so no one wants to be the 'sucker at the table'.
Why insist on countertrend? I mean, just as common sense, wouldn't it have made sense to follow the day's trend down and then buy it at the bottom? Or maybe even follow tomorrow's trend too?
LOL... I have to ask...what is your target price, time frame before the trade is profitable, and what is your stop loss price? You just using your GUT here on this trade or do you have some sort of signal that says the market is going higher? last question.....You like catching falling knives? Seriously, I have no idea what anyone could see as bullish on this market right now. Monthly, weekly, daily, 60 min, 15 min, 5 min and 1 min charts ALL SHOW A DOWNTREND!!! Why in the world would you go long here? Please explain your trade....I would love to learn something here if you see or know something I do not.