First off, there are already Halloween decorations and pumpkins going on in my neighborhood. Sheesh!
Anyway, just a quick post to wrap the day up……I had a bunch of new items I wanted to short, but I wanted to wait for a decent price. As the market strengthened (briefly!) rather late in the session, I noticed it was approaching the underside of a broken line. This line wasn't quite horizontal, but it was close, and I literally had my finger hovering over the "Execute" button that would unleash about 20 Sell Short orders. Once the price kissed the underside of the line (circled here in green), I clicked it.
On a different screen at the same time was the IWM, which had a somewhat similar line. This only affirmed my belief that this was a meaningful price level.
Of course, nowhere in nature's law is it written that the price couldn't have cut through both lines and exploded higher, but this is a matter of balancing risk with reward. The risk was lower if I could hold out for the retracement to that line, and being a not terribly patient person, this wasn't easy for me. But, in the end, I'm glad I waited, because better entry prices have two wonderful benefits: (a) better profits; (b) lower potential losses!
With just thirteen hours left in this quarter, I am on the edge of my seat with nervousness, I confess. I'll be glad to open up the bar on Friday. It won't be a moment too soon.
Good night.
