There's a difference between taking drawdown on profits and not willing to take a loss (if QID was a bad trade then so be it).
If the market manages to test yesterday's relatively high volume houly high, volume will likely contract dramatically. That 2pm hourly low actually has higher volume on SPY, etc., than the 3pm that we'll gun for first. After 3pm bar is rejected, the 2pm bar is the new target. Unless we close over the 3pm bar. In that case the H&S on my ultrashorts is in play.
We're still in an I.T. downtrend. A week from today I'll look back and see how foolish it was to potentially leave so much profit from fear of a bear rally.
Good trading.
I'm removing my stops on all ultrashorts except QID (purchased Tues.)
Started by
unosuke
, Feb 26 2009 09:15 AM
1 reply to this topic
#1
unosuke
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- Traders-Talk User
- 417 posts
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Posted 26 February 2009 - 09:15 AM
Current Positions: Long EEV @ 40.29, Long DUG @ 24.66, Long DXD @ 59.62, Long SDS @ 72.70, Long TWM @ 61.84, Long QID @ 48.21, Long FXP @ 20.43, Long SSG @ 43.76, Short XOM @ 69.31, Short AAPL @ 117.52
#2
diogenes227
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- TT Patron+
- 5,120 posts
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Posted 26 February 2009 - 03:58 PM
There's a difference between taking drawdown on profits and not willing to take a loss (if QID was a bad trade then so be it).
If the market manages to test yesterday's relatively high volume houly high, volume will likely contract dramatically. That 2pm hourly low actually has higher volume on SPY, etc., than the 3pm that we'll gun for first. After 3pm bar is rejected, the 2pm bar is the new target. Unless we close over the 3pm bar. In that case the H&S on my ultrashorts is in play.
We're still in an I.T. downtrend. A week from today I'll look back and see how foolish it was to potentially leave so much profit from fear of a bear rally.
Good trading.
Amazing how the entire world of finance focuses on making you pay for a violation of your own trading rules if you don't correct the mistake immediately.
Good thing that it does too.
Thanks for your posts -- enjoying your point of view, and learning a lot from your volume work.
"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).
“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”
"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."
