Swing Trade Play 11/11/05

M

MacroEvent

OK i am ready for a swing trade short here after a nice 10 day run. I have 40% of my ES position on from 1234.00/.25/.50 and i will scale in the remaining entries all the way to 1239.00 --- above 1239.00 i will have a 5 pt stop to 1244.00.

whatever entries that i can't build into my position today from price not getting to 1239.00 i will add full in at a 1229.50 break today from any possible downside movement.


time to take a swing at this move. :)
 
ok --- i now have all 40% of my positions at a 1235.00 cost basis and all other previous positions were covered with +.25 points {in other words i have "replaced" my previous orders at no cost to me and shifted my cost basis and stops 1 point higher}.


so far the market is in our lovely 7 tick range --- ZZZZZzzzzzzzzzzz
 
Overall I think your play is strategically sensible except for the stop. Looking at the charts, a stop of 1250 + buffer would be more logical. (1246 SPX hi + 2.75 fair value = 1248.75)
 
According to Stock Trader's Almanac, the week before Thanksgiving week (which is next week), the S&P has been up 11 of the past 12 years
 
well i am posting what i am committed to ---- i am taking a swing from what i see as a "higher probability" attempt.

if we grind up higher i will then also be afforded the luxury of "order replacement" all the way up, thus moving my cost basis and stops higher ---- FOR FREE!!! :D
 
Quote from gnome:

Overall I think your play is strategically sensible except for the stop. Looking at the charts, a stop of 1250 + buffer would be more logical. (1246 SPX hi + 2.75 fair value = 1248.75)
More...


my order replacement method is why i am not worried about the price level you mention --- my stop has the ability through my trade management style to be continually adjusted higher {along with the trades overall cost basis}.
 
Quote from balda:

According to Stock Trader's Almanac, the week before Thanksgiving week (which is next week), the S&P has been up 11 of the past 12 years
More...


and now go back and look at what has happened in the market after a 10 day run of the SPX never breaking a major support level. :) so far we are on day 11. :eek:
 
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