One of you asked this morning what the exit conditions are for
this trade. I can't tell you that at the moment, it's complicated.
What I do know is that the system has multiple exits depending on
if price was above the ATR when entered or below it. When price is
below the ATR, the system gives more room for the trade because the
market is in a weaker state. This trade was entered when price was
above the ATR, thus it won't be looking to hold the trade as long
and could exit at any time, still that won't be today.
Also I know that some folks didn't take the trade last week
being late on Friday, many are checked out, holidays whatever, not
seeing the email, whatever it's understandable. Also for the folks
who trade the futures, ES opened yesterday at 6 pm and were down 3
- 5 points only for many hrs. The website was updated on Friday,
one could have entered the short on Sunday if was missed on Friday.
Or even the ETF's, they start trading at 4 am, SPY wasn't
down much early pre market
For those who entered the trade, it's not exiting today. That
said, the SPX is down 81 points, that's a heck of a trade, one
option would be to close 1/2 of your position and exit the other
1/2 when the system officially exits - you lock in some nice gains
(maybe helps with emotion) etc - that's more my style. Or...maybe
you want to just die hard follow the systems entries and exits.
Whatever works for your risk tolerance, emotional state, and
preferences
I took the trade on Friday before the close and split the
difference risk wise by exiting 35% of my position. I'm using SPXS
as my instrument the 3xetf.
I've balanced this by going long a 1st entry off the 3,987 area
via SPXL 3xetf. I know everyone uses the signals different ways.
There are gaps on both sides now so no reason to get super
aggressive here on either side for me here for my tolerance trading
wise.
ES Shorts - open Stoch Short 60, 80% comments
Posted by matt on 5th of Dec 2022 at 03:33 pm
One of you asked this morning what the exit conditions are for this trade. I can't tell you that at the moment, it's complicated. What I do know is that the system has multiple exits depending on if price was above the ATR when entered or below it. When price is below the ATR, the system gives more room for the trade because the market is in a weaker state. This trade was entered when price was above the ATR, thus it won't be looking to hold the trade as long and could exit at any time, still that won't be today.
Also I know that some folks didn't take the trade last week being late on Friday, many are checked out, holidays whatever, not seeing the email, whatever it's understandable. Also for the folks who trade the futures, ES opened yesterday at 6 pm and were down 3 - 5 points only for many hrs. The website was updated on Friday, one could have entered the short on Sunday if was missed on Friday. Or even the ETF's, they start trading at 4 am, SPY wasn't down much early pre market
For those who entered the trade, it's not exiting today. That said, the SPX is down 81 points, that's a heck of a trade, one option would be to close 1/2 of your position and exit the other 1/2 when the system officially exits - you lock in some nice gains (maybe helps with emotion) etc - that's more my style. Or...maybe you want to just die hard follow the systems entries and exits. Whatever works for your risk tolerance, emotional state, and preferences
Great trade Matt! I took the
Posted by fundamentalvalues on 5th of Dec 2022 at 03:42 pm
Great trade Matt!
I took the trade on Friday before the close and split the difference risk wise by exiting 35% of my position. I'm using SPXS as my instrument the 3xetf.
I've balanced this by going long a 1st entry off the 3,987 area via SPXL 3xetf. I know everyone uses the signals different ways. There are gaps on both sides now so no reason to get super aggressive here on either side for me here for my tolerance trading wise.
All the best and thanks.
Played SPXS too. Left a
Posted by watcdy on 5th of Dec 2022 at 03:57 pm
Played SPXS too. Left a little early though. Also had Mes. -
Interesting you played the low area for a reverse long -well done
Congrats man! I figured the fib
Posted by fundamentalvalues on 5th of Dec 2022 at 04:03 pm
Congrats man!
I figured the fib overshoot to the 3,985 area level and held up was a good shot. Especially on the daily had to try, thanks