What I do is looking at the S&P futures (ES) and also at the prices that gets printed and the orders, bid/ask sizes...
If the ES is climbing I might hold a flat long but if the ES goes down I might get rid of a flat long.
With one position it's doable but with over two I can't really get analytical.
3 fills, Short PFE 19.50 covered 19.43 53 seconds later, long GE 28.36 sold 28.38 55 seconds later, long HD 28.77 sold 28.76 20 seconds later. Total +.08.
It's interesting to do such a specific trading strategy the last couple of months since my trip to Las Vegas, it has changed my other trading.
2 fills, 1 long winner, 1 short loser. +0.02 average.
Tried to hold to the loser but was very stubborn. Looking at the daily chart and the way it was sticking above xx.39 made me close it. I almost at the time to look at the financial statements at that point, lol.
5 fills, 1 long winner, 3 shorts winners, 1 short loser. +0.28 average. My best day so far on a cash basis (still on small volume).
Cancelled a whole lot before and all the remaining at around 9:31. Some new that never filled before.
I had to resort to my older computer this weekend when my junk Dell finally bit the dust. Never Dell.
Then at 9.25am I realized I was using an older version of my brokers software, and with this monster gap up I could just see it failing to execute or something weird, so I canceled all orders. If I'm going to lose money I hope it's not from something preventable like trying to run the incorrect program!