Monday, March 1, 2010
Shorting The Rally
I may be a bit early on the short side, but I like the risk reward ratio selling at these levels. I think traders are a bit complacent amid reports that Greece has its bailout and in the face of the resilience of this market. I have gotten short and will target lower levels in the middle of this week.
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7 comments:
nice tradin owlski
I would cover the short by the close if it's not making you money.
Because we just broke through the previous resistance, there is none anymore till the high of 1150.
I would rather wait and get short at 1125 rather than take a pot shot... unless you;'re just planning a day trade.
Also I notice the way you trade man.
You're way more likely to get short than long even if the market may be neutral.
When the market definitely turns bullish, you persist in getting short.
When you're proven wrong after a few trades that were wrong, you decide to get bullish and get long.
By this point, the market has made a decent sized run up.
Once you make money on long side, you again gravitate towards the short side.
I just think your tendency to get short more than long will hurt your p&l more because this trading style tends to be more against the market direction, which is more neutral than your short over long bias.
I dunno, I just thought that I point out something I noticed about your trading from watching your trades.
But indeed, when you're hot, you are definitely hot. Feel free to critique at all my critique.
I dunno, I just don't think you deserve to lose money getting short if the market keeps going up since you just made a couple great back to back trades getting long since that dip we had last week. Was it wednesday or thursday.
I remember a while back you did something similar to what I mentioned.
It's analogous to me getting long a stock once it bottoms, and then getting short just because I made a nice profit and it had a nice run up.
I'm not sure where we are headed with this market. We are very long in the tooth on the upside. If you pressed me to decide I would say short it.
The economic data is just not there to push this market to new highs.
Todays rise was a no brainer. It's Monday and the begining of the month.
I might put an order in to short and just see if it gets filled by the end of the day.
BKX is down with the market rising?
I think the market can be shorted here.
I do lean towards the short side, but that is usually intraday. On overnight trades, I probably do a bit more long trades.
I just think we are near the top of the range, and the market has gone up a lot since Thursday morning. I will probably cover at the close if we go down a few points and try to reshort higher tomorrow.
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