Be careful with this, you are trading correllated markets. I went long crude and the s&p 500 a day that they tanked. It was upsetting to say the least.
The Patient Trader's journal
- Thread starter fan27
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Be careful with this, you are trading correllated markets. I went long crude and the s&p 500 a day that they tanked. It was upsetting to say the least.
Well your back in the black on the ES trade, must've gotten a little spooky when it pushed the 1200 mark. Good discipline...welcome back to trading.
Quote from keeptradin':
Well your back in the black on the ES trade, must've gotten a little spooky when it pushed the 1200 mark. Good discipline...welcome back to trading.
thanks keeptradin...good to be back!
Yeah...it got within 5 pts of my stop. In this game, you have to be very comfortable taking a loss. Otherwise, you will avoid it and wind up in a hairy situation.
Positions looking good. Just need to be patient for the move.
Exited my ES short position for a negligible loss:
ES Short -330
I did not wait for my stop loss to get hit. Looking at the weekly chart below you can see where ES tried to break the August lows and was unsuccessful. IMO, this dramatically decreased the odds of this being a successful short trade.
ES Short -330
I did not wait for my stop loss to get hit. Looking at the weekly chart below you can see where ES tried to break the August lows and was unsuccessful. IMO, this dramatically decreased the odds of this being a successful short trade.
Good call on the short cover. There is no rational reason why the market rallies in the face of economic chaos.
That's why I'm not a position trader.
Quote from keeptradin':
Good call on the short cover. There is no rational reason why the market rallies in the face of economic chaos.
That's why I'm not a position trader.
I got lucky on the short cover. Rather than exiting at the market Sunday night, I put in a limit order so I could eke out an extra point. Once I was filled the market took off and never looked back.