Looks like a market break out brewing
- Thread starter fantastic4
- Start date
Quote from AMT4SWA:
Selling 892.00 last night got a 887.00 touch (my +5.0 point target) but no fill so bailed at 887.50 for +4.50 points. Today sold 895.00 right now with targets at 890.00.Today I will be selling all trading above 895.00 to 902's aggressively as I cycle positions in and out while building a core SHORT position.
What is your plan of action if we bust through 902(minor MP level)? Is this core position a Rydex trade looking for the next Intermediate Term trend down? Thanks
Wishing everyone a Great New Year.
OK, covered all 898.50 positions at 895.50 and moved my first primary +5 point profit target to 894.00 (where I will cover all my 895.50 and portions of my 899.00/899.50 entries). I will hold the remaining 899.00/899.50 positions after profit target is hit for additional downside action going forward.Quote from AMT4SWA:
Sold additional positions at 899.50......holding all other positions.
These are ALL new ES today that I want to hold going into the new year....building up a decent sized position today to hold going forward (taking a shot with the transition into 2009....remember last January). This morning I was still holding 2 of my previous 3 Rydex positions (covered one of them with that third test of the 850 area the other day)....today I added back the 3 Rydex position with the trading of the ES above 898.00
BTW, loving the GOLD action today.....negative early and now well positive again.
Quote from AMT4SWA:
These are ALL new ES today that I want to hold going into the new year....building up a decent sized position today to hold going forward (taking a shot with the transition into 2009....remember last January). This morning I was still holding 2 of my previous 3 Rydex positions (covered one of them with that third test of the 850 area the other day)....today I added back the 3 Rydex position with the trading of the ES above 898.00
BTW, loving the GOLD action today.....negative early and now well positive again.
HA!!
I guess if you knew exactly which next turn was going to be the next leg down......you would load up and be done with it.
Its almost akin to fishing......throw out the line.....see what you catch and play it from there.
Hoping we can rally above 920s before i start throwing out my line. Praying for 950s....
Yes time for fishing. Just sold additional positions at 902.50/903.50 with our late day short covering run in the NAZ and DOW right now.Quote from tradingbug:
HA!!
I guess if you knew exactly which next turn was going to be the next leg down......you would load up and be done with it.
Its almost akin to fishing......throw out the line.....see what you catch and play it from there.
Hoping we can rally above 920s before i start throwing out my line. Praying for 950s....