Having come into the week with a bearish bias, the Monday gap up was a gift I fully embraced and used to initiate fresh shorts via QID and BIS. Yesterday went swell—shorting NAS rips along the way, collecting my stipend.
You can imagine my elation when I woke to a bloodied mess of index bits and bearish jubilee. It was magical. I had my regular summer breakfast of boiling hot water and lemon juice. Then I prepared a detailed report while channeling the morning clairvoyance.
Then brunch came, I ate a heaping 4 whole eggs, a pot of steamed broccoli, and took to twitter to talk general smack and book. NAS TRIN right away called the weakness into question, but I held my shorts anyway. Crystal clear hindsight shows I should have booked a piece of my short down at ATR bracket low. This will need to be a hard written rule going forward. Instead today it sits like a pox on my name.
We range extended lower, barely, and only on the Nasdaq. This was classic smoke screen action. I fought the tape a few times but went to the sidelines in the futures when sellers gave up 4462.25. Since then I have added to my QID position but also increased the size of my Tesla long.
There is lots of day left, and bulls are still in the hole. It will take more than this show of force to knock me off my bias. Therefore I shall press like my life and yours depend on it.
ADDENDUM: Here’s me talking to myself, but not listening:
NAS $TRIN calling the morning softness into question
— Raul (@IndexModel) August 12, 2015
spooz trying to turn right where they need to, decent looking low
— Raul (@IndexModel) August 12, 2015
This is my spot, otherwise flip to neutral bias intraday
— Raul (@IndexModel) August 12, 2015
Keep an open mind here, it's a decent looking low.
— Raul (@IndexModel) August 12, 2015
Bulls need semi's to get turnt up. They have a shot $SOX.X …basically the opposite of what happened Mon/Tues in $GPRO
— Raul (@IndexModel) August 12, 2015
If you enjoy the content at iBankCoin, please follow us on TwitterBreakout, fake out, break down, go long #fungula
— Raul (@IndexModel) August 12, 2015
hello.
::waves maniacally::
eggs and broccoli is a great healthy meal. brunch game is tight, son.
Lol just wear a gas mask the next day thats a lethal mix
I don’t mess with that. Any meal like this is precluded with 3 beanos, A GAME
It took me about 50 nasdaqs off the lows to clear out and take gains on puts. In hindsight I should’ve just sold the low (duh, so easy right?) and waited for a bounce.
Instead my confidence in shorts is now shaken and maybe unnecessarily so. I mean I did make money, just not nearly as much as I should have. But it was the potency of the rally that completely threw me off.
And what really pisses me off is I saw the accumulation happening right before my very eyes for the last 2 days, but I let my bias blind into thinking this was finally it…a range break to the downside. Nope, back into this God-forsaken range.
GL out there Raul.
thanks bud, I was stubborn which is not the trait of a successful trader (see addendum)