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Wednesday, January 18, 2012
Wednesday, 1/18/12 update
Solid up today in equities, doesn't look good for the most bearish alternate that's being tracked. The ES is right at a downtrend line connecting the highs since the top of last May, if prices don't turn lower almost immediately that bearish alternate can probably be ruled out.
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Why did you go short today? Shouldn't we wait for market confirmation of a drop first?
ReplyDeleteblunt answer: stupidity
ReplyDelete.............and I paid for it
A little better explanation for you:
ReplyDeleteES was right at that downtrend line that I've been watching with divergences everywhere I looked, I thought it was worth a shot. However, I did temper the trade by only going 1/2 my normal trade qty, also went in with a tight stop so damages were minimal. But you're right, should have waited for a confirmed turn down, my experience is that is the best way to handle the risk. Hate to admit it, but part of the situation was an itchy trigger finger, haven't done a trade since the holidays, should have known better.
lol.. It is ok to be wrong. It is just not ok to stay wrong.The worst sin is being wrong AND staying too long. lol
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