Well. That’s it. I’m out. For +12.94%.
Call me a coward if you like. But the amount of profit on the table was a material amount to both myself and my account balance. And as I’ve noted previously on this thread: I’m here solely for the purposes of making some money to make ends meet. Not to prove a point.
The above being said there was indeed some logic to my exiting the trades early as opposed to exiting as advertised. For one thing: the three US Indices had stalled at various pivot levels. The S&P 500 had, as a matter of fact, traded to R2 and stalled. Pivot R2 is normally shorted as it is a relatively extreme move. Of course price can trade through R2 no problem if there’s enough conviction.
There is obviously no way of knowing, until the close, if I’d have been better off waiting for the RSI(2) close above 70. I guess we’ll see tonight (if I’m bothered to stay up now that is). But in this case: I used my judgment for the reasons given above. I do not usually do this though (very seldom actually so do bear this in mind).
Of course and if price bounces off (down) from these levels there’d be no reason for me to not go long again given that they’re all still valid trades (but the chances of my doing that are slim i.e. I think I’m done for the week and, more importantly, I’m happy). I did note at the beginning of thread that I take profit if there’s been a parabolic move in the market. I’m not sure if today’s action could constitute a parabolic move. But I do know the moves have been substantial (the Dow’s intraday range so far today has been 397 points while its 14-day Average True Range is currently only 361 points ) and it takes a lot more conviction for price to move up than down.
Anyways. That’s it. A nice re-boot or re-start of my “trading career” (for this year).
Oops. Just noticed something. No rest for the wicked!!! Evidently (and all things remaining equal for the next few hours) I’ll be going long Gold at midnight. Or not i.e. may just wait and see what it’s looking like in the morning and if price has dropped further will place a stop buy order at today’s close (and so on and so forth i.e. anybody following my antics should have the picture by now).