- what a mess...
- my discretionary swing trading tendency to always be long at least 1 contract, especially near the top of the daily upper trend channel is costing me too much money...
- earlier in the week i even considered buying some puts on the QQQQ's to hedge my exposure, but i didn't...
- i have worked my avg price in the NQZ09 down from 1809.00 to 1781.50, though it cost me too much to do so....
- as i mentioned earlier, i added a 2nd contract at 1791.50, and then during the day session i added a 3rd contract at 1770.25, bringing my avg cost to 1790.25...
- i was stopped out on the 3rd entry at 1763.75...
- this trade: -26.50 NQ points/contract...
- i added a new 3rd contract at 1764.00...this brings my avg cost to 1781.50...
- i sold this one at 1772.50...
- after the NQ rallied into the low 1770's, i placed an OCO with a target to 1776.50 and a stop at 1769.50...the stop was hit...
- this trade: -12.00 NQ points/contract...
- today: -15.83 NQ points/contract, 3 contracts closed...
- still long 1 NQZ09 at 1781.50...
- offering this out at 1807.50...
- no current bids...
- i think i have been overly influenced by the strong rallies of the summer and early fall...this has led to a fear of missing more of the up move...combined with an approach that has me getting bigger on moves down to work my avg cost lower, i am finding that this has led me to be overweighted the NQ during moves down, and relatively underweighted the NQ during moves up...
- i gave back a moderate amount of my summer and early fall discretionary swing trading profits, during the late october downdraft and during today's swoosh down...
- while i am still net profitable trading the NQ, i need to rethink my overall approach to swing trading the it on a discretionary basis...
- entering with some size when the swing begins, and then lightening up towards the top of the trendchannel and/or into resistance sounds like a much better plan...
***remember this is an illustration of what i am trading and my thinking...my trading plan may change without notice...this is not a recommendation for you or anyone else, to buy or sell this or any other security...trade at your own risk**
Posts
No comments:
Post a Comment