First, a summary of my trade.
I'm short from 1432 and 1435, after taking a 12 point profit on one piece of the short. If I put this all together, I have an adjusted price on my short of 1439.50. (1433.50 avg plus 6 point profit taken).
I'm going to put a hard stop at 1464.50. That's a 25 point hit if we trade there. The stop will only be in during RTH, not overnight trading.
Based on what I'm looking at, I'm looking for a top for all the reasons I've mentioned in the past. This makes me more willing to take a bigger risk. Although, in hindsight, I would have preferred to have managed my trade differently.
Depending on price action from here, I may adjust the stop downward, but I will not be raising the stop.
IT
Hard Stop on Shorts
Started by
IndexTrader
, Feb 02 2007 10:36 AM
2 replies to this topic
#1
Posted 02 February 2007 - 10:36 AM
#2
Posted 02 February 2007 - 11:24 AM
#3
Posted 02 February 2007 - 11:42 AM
I'm about with you, IT. I'm just not liking the way sentiment is shifting. It's implying that weakness may be short-lived. Of course, they way it's acting, we might get MORE bullish as price declines.
In any case, with the breadth and price action I have to have a hard stop on shorts, especially since our model added yesterday (at about these levels).
Mark
Mark S Young
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