ES Journal Archive (2011)

[JoshDance]

i will buy a break here if we pop up in the last minute or two, 83.25

 

[HedgeItYourself]

Quote from ammo:

oex sh 82.25

I take it you're scaling into a large short position?

 

[ammo]

Quote from HedgeItYourself:

I take it you're scaling into a large short position?

covered the others for a loss, flat on this one

 

[ammo]

sh 81.25..out 81.75

 

[JoshDance]

have a great weekend gents and ladies!

 

[JoshDance]

Quote from cashcarewins:

Just an observation, but the mid-level today is 1277.50. We've been bouncing up off that for the last couple of hours. It seems like if you are trading long here, you have to have the stop under that level. And don't worry about the currencies, very low correlation between currencies and stocks.

Thanks ccw, you're right-- the ideal stop would have been 76 or 76.75, but after the nice big move up and it came back to 79, my premise was that it should move at that time. Where I really misplayed was the last long at 77.50 when I moved the stop to BE too soon and had to re-enter above 79.50... a bit more patience on that last one would have made the final re-entries unnecessary and I would have had a much better average price to work from.

Thanks for the tip and I think the fear of missing out made me a bit impatient with my entry to begin with. Support was really at 77, and a buy 2 ticks or so off of that with a stop below would have been the more prudent course of action. Hope you and all have a great weekend!

 

[HedgeItYourself]

Quote from ammo:

covered the others for a loss, flat on this one

Sorry to hear that. I think you had the right idea -- just a little early. We should get a substantial recoil next week.

 

[ammo]

plenty of time to cash in, just wanted no risk over the end of month weekend

 

[tortoise]

Quote from ammo:

plenty of time to cash in, just wanted no risk over the end of month weekend

Prudent.

 

[ammo]

alltime spx noted top line of channel