In trading around this whippy market, I sold my triple-levered short Russia ETF, RUSS, above $20.50 for a few points of a win inside 12631 just now. I am slightly underwater on a corn long, and have a few other shorts on which have decent cushion on them.
I still think Russia is in trouble technically, via the RSX ETF, but with such a highly levered instrument in a volatility market I will protect wins tightly when I have them.
The major averages are apparently making stop runs in both directions intraday.
Stay nimble, until we get more clarity.
What are you trading this morning?
Longs; UCO, TVIX, YGE, CORN, SWC & JO
Short; DAL
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When you run a tight stop do you use intraday levels, a trailing stop, or a combination of both?
Also, are there rules you determine when it is OK to have a position that was slightly green go slightly red (giving the trade more time) vs just taking the break even price and moving on?
TJWP – I use a combination of factors for all of those issues. To me, situation-specific.