Your last sentence caught my attention...
If you preferred to be short, why did you not exit your long and enter a short?
ES Journal Archive (2011)
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Your last sentence caught my attention...
If you preferred to be short, why did you not exit your long and enter a short?
Quote from Laissez Faire:
Your last sentence caught my attention...
If you preferred to be short, why did you not exit your long and enter a short?
Best question of the day. I made two mistakes from last night, can you spot them??
Adding 2 more at 1262.5
1) You did not exit all of your position on the open.
2) You averaged down on the rest of your position when we fell off a cliff instead of being more flexible with your target and getting filled at a slightly lower price. Hey, it was only one tick
Is that two?
Of course, hindsight is always 20/20 and I would have extended my stop with one point if I knew we would not trade above 1310
My two cents is that it seems very dangerous to average down in the current market conditions. If the market drops further (who knows), it may get very ugly.
The best question of the day deserves an answer, no?
Quote from EON Kid:
Awesome, I was wondering where the swing longs were hiding
Not hiding, right here my friend
FoN
Quote from Laissez Faire:
1) You did not exit all of your position on the open.
2) You averaged down on the rest of your position when we fell off a cliff instead of being more flexible with your target and getting filled at a slightly lower price. Hey, it was only one tick
Is that two?
Of course, hindsight is always 20/20 and I would have extended my stop with one point if I knew we would not trade above 1310
My two cents is that it seems very dangerous to average down in the current market conditions. If the market drops further (who knows), it may get very ugly.
Yes with hindsight, I should've exited all around 1309.5
But without it and realistically, the first mistake is that I violated rule #1; never leave a position on regardless of how small it is, without a trailing stop. Specially when your bias regarding the market has changed. As I explained last night, mine did.
Rule #2: Never forget rule # 1
Averaging down was not the real problem, even though it didn't help. I currently hold an 8% position size from a 20% size I was carrying during the day. So I am actually welcoming a bigger drop so I can accumulate at a much lower price, at least I hope so.
Quote from Laissez Faire:
I generally do not have an issue with getting stopped out, but it is extremely annoying when the market only trades 3 ticks against me before reversing. If it traded 10 handles against me, it would be a lot easier to handle
Sick volatility today for sure. Just now opened my charts. Still on "vacation"
You chased price and had a poor entry on the move down and had your stop near a R20 from 1288.5.
I posted last night about 1313 area being a max high before a fall.
Nice of them to finally test the 200 day ema at 1276 cash
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