Time to scold myself a bit!
I've been doing very, very well lately. I've been sticking by my rules quite consistently, and I've been keeping my stops nice 'n' fresh.
I have had a big short position in the /ES, and I did a good job holding on to it as it approached the 860.50 level (established an important by our friend 2sweeties). I was a little skittish and covered it at 863, but that's not why I am fussing with myself.
I went long the ES, and as it slipped a little more late in the session, I dumped it for a small loss. That was illogical. It was based on nothing but fear. It was based on little more than a toddler in my head saying, "I don't wanna be a bull! I don't wanna be long! Wahhhhhhh!"
The /ES is about five points higher than where I dumped it. Now, don't get me wrong. The loss was minuscule compared to my gains recently, and the foregone profit was likewise small (so far). But closing positions out for no reason – – particularly a trade based on the very sound retracement levels which have served me so well lately – – is just, in the words of Cramer, "silly." And, as we also know from Cramer…………Don't Be Silly. Right?
I am frantically getting ready for another business trip, so it might be a while before another post. Sorry things were so "choppy" today on Slope, but I hope you folks had a terrific day on the short side. I've been really enjoying this market lately.
