Depends on what you trade? If you do options, then you're fine, as the theta burn could have hurt you anyway. If you do stocks, then you can go short again on Wednesday when Obama talks. I'd say that will be the top before a sell off to 1080.
At 1080 though, I'll be going long in a call spread as I expect a move up into the first week of February to last about a week. You did the right thing taking profit. Not much left on the tables if we fall to 1080 on Monday. Don't worry about it!
Forecasts just add confidence to your trading when you are right, if they are wrong no harm done. I think it is important to have an overall view (as long as the bias doesn't effect managing risk) 🙂
Thanks mmTesla. I guess I stayed short so long that it's frustrating not to stay put now. But you are right.
I just don't see it happening this week. I see 1080 first, and then a run to 1130-1140… maybe?
Sit out and wait for a good entry, and don't worry if ya miss it, always more out there 🙂
Depends on what you trade? If you do options, then you're fine, as the theta burn could have hurt you anyway. If you do stocks, then you can go short again on Wednesday when Obama talks. I'd say that will be the top before a sell off to 1080.
At 1080 though, I'll be going long in a call spread as I expect a move up into the first week of February to last about a week. You did the right thing taking profit. Not much left on the tables if we fall to 1080 on Monday. Don't worry about it!
If we retrace to 1125 I think there will be a squeeze to 1132-1135, lots of resistance there among other things.
Exactly… they are just a guideline, and are wrong many times. But, you just adapt and close out losing positions if your forecast is wrong.
Since when am I sweet?! Covered all my shorts at close Friday. Now not sure what the heck to do!
Forecasts just add confidence to your trading when you are right, if they are wrong no harm done. I think it is important to have an overall view (as long as the bias doesn't effect managing risk) 🙂
I just read palm leaves (and smoke em' when I'm done) LOL!
Monica, Just read ETF corner update. How do you feel about things tomorrow.