I didn't get the post out yesterday for the new trade until about 10 or 15 min before the close, which realistically would not give most people a chance to enter unless you were able to do it immediately. Now there was a large gap up this morning that would have stopped out that trade (insert curse words here).....
As I've touched on before, gap ups on monthly jobs reports like today tend to be good contrary signals in their own right. And the market is selling off dramatically since the open and this may be the final washout before a solid move down.
So my request is please post an anonymous comment if you got in yesterday (and also whether you got stopped out this morning). Also, please post a comment if you got in this morning and are still in the trade now.
If it turns out that no one got in yesterday, then it will make sense to just manage the trade from here as if it is still active, particularly since there may be those who got in this morning.
Thanks
Pete
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Got in yesterday and not stopped out. Still in the trade. Thanks!
ReplyDeletehey pete,
ReplyDeletei didn't get in, as i've been in mostly cash for the past few weeks. this last month has been a very tricky market for me. but it does seem like the longs are struggling here. i would really like to see the spx break the 20dma down. or another selloff into the close to below 1085.
meahwhile i'm keeping my eyes on the rut, xlf, and oih as they trade between their 50 and 100dma; with oih currently being in most danger of breaking the 100dma.
-b
obviously the market has been tricky for me too. I think you're right on OIH, IWM and XLF.
ReplyDeletehere's to hoping a close below the 100dma on oih will lead to some down momentum on spx & dow.
ReplyDeletethanks much pete.
-b
When I saw the unemployment number this morning my first thought was that it was a typo. From -190k to -11k - NFW. Though, Dollar strength today is taking the wind out from any run up. Financials seem to be breaking down over the past 3 weeks. So, bought FAZ @ 19.32 this morning and just now set a stop loss for 19.18.
ReplyDeleteanon what was your entry price?
ReplyDeletei got in today at 36.68. learning a lot from you, thanks!
ReplyDelete-aw
strange, the low for today as 37.36.how come i got filled at 36.68?
ReplyDelete-aw
I see the low as 36.15 and the open at 36.69 on stockcharts.com. So I assume that you got in right at the open.
ReplyDeleteI got in yesterday morning @ 37.80
ReplyDeleteI generally put my orders in night without the stop loss order. I put the stop loss order the following night as I don't have access to the market/broker during the work day. I have observed this has given me better results so far than putting in the stop immediately. Sometimes I have to put the initial stop lower than actually used for position sizing but the gains/losses have been better than putting in stops as part of the regular order. I use IB as my broker and I have tried the auto stop method as well.
ReplyDelete-aw