So, my momentum indicators were all pointing down today and this morning, I had an hourly Sell signal. Now, I'm Bullish, but a discipline is a discipline so I took a 1/2 short position in the ES at resistance, with some trepidation. The market pushed higher to new highs, then pulled back.
Now, we were on an Options Oscillator Buy which already had me nervous AND the Actual Position Poll was telling me that we had virtually NO chance of an important or worthwhile top today. That meant that the clock was ticking for this position.
I knew with near certainty that things weren't going to fall apart so instead of waiting for my normal ten points or strapping in and riding the short with a trailing stop, I decided to to cover up either just above resistance or when my RSI got oversold on the hourly. As it turned out, both happened and we nailed down 6 points.
Now, because of what we know about this market, I'm also very interested in the long side if we can set up an hourly Buy.
I'll try to update in a bit.
