Sell the S&P500?

[BlackMonday]

Guys, That's me got a short signal.
A speculative short, with a tightish stop.
Risky trade for me, but big reward potential.
Lets see what happens

 

[BlackMonday]

Very early days, but my stop is just above the high made eariler and we are in profit.
If i'm right this could be a half decent move.
The stop is tight, so if we keep falling a move to breakeven may happen later on

 

[BlackMonday]

That could be a reserval bar formed on the daily.
Anyone not in yet might want to take a look at this set up.
Me, I'm in already, nice and early and we'll see what happens.
Try to get in at highs and lows is a pretty quick way to blow your account, but this looked a decent set up to me and if the risk/reward is good enough you can survive on reasonably low sucess rate.

 

[BlackMonday]

European indices are softer this morning, which is good news.
In terms of profit, we are sitting just over one to one, for what we risked. In itself a decent trade, but happy to sit in this one for the time being.
The sucess rate of this strategy tends to dictate that risk reward of one to one is a bit skinny.
Will watch the ftse this morning and see what happens.
Usless we see decent strength i will still be short when the US opens.

 

[BlackMonday]

That's me moved my stop to breakeven. As always will monitoring things, but can see no real reason why we won't see 1160 or 1140. Hey, we can now lose nothing.
The one thing I can be certain of is that i executed the trade properly.
Hopefully posting here will make me think a bit more.

 

[BlackMonday]

US is trying to rally.
The nice thing about risk free trades is we don't have to panic!
For what its worth i'm still happy to be short

 

[fleetwood]

Personally blackmonday I dont see it.
Maybe your right and its about to take a tumble but I dont see any clear signal YET. I too think it will probably fall at some point, its been quite a rally so its normal to think that some sort of correction will probably happen. Just dont see it yet thats all.
Glad youve got it into break even now so I suppose it doesnt really matter now if your timing was correct or not. Just dont see the rush to get in so early ive normally found for me when I get in too early i just get burned. Im slowly but surley learning to just sit on my hands and wait. Then again maybe you know something we dont lol.
Best of luck any way and Ill probably be joining you at some point just not yet.

 

[BlackMonday]

I do take your point, trying to catch highs and lows is difficult.
However, for me i like the idea of a tight stop and letting the thing run if you are right.
Also i'm necassarily calling for a major top, just an opportunity to catch a decent trade.
I'd been waiting for a few days for the s and p to hit a particular point, so when it did i was in quick.
With this type of entry i know pretty quickly if i'm wrong, hence the tightish stop.
Still maintain this one is worth watching.
Europe is weak this morning despite the 'ggod news' about uk gdp.

 

[BlackMonday]

The s and p has opened down, flirting with yesterdays low.
1194 looks in to me as a short term high.
Question is how low do we go.?
I'm targetting 1160 in the first instance.
Perfectly possible i'm totally wrong, but while 1194 holds we have a chance

 

[BlackMonday]

Not much to add really.
We are breaking down nicely at the moment, well in profit, but happy to remain short as I still think there is more to come.
Is the up trend over ?
A big part of me doesn't really care to be honest...........
I try to make money in the markets, i have no crystal ball, i just try to look for opportunities where i can make more than i risk.
For what its worth, i reckon that 1194 might hold for a while longer.....

 

[BlackMonday]

Mmmmmm, a decent rally in the last couple of hours means its not looking as rosy as it was.
Hey, worst case I break even so we are staying short.

 

[BlackMonday]

Our high seems to be holding, but so far we've failed to gain an real traction to the dowside.
European indices are a bit softer this morning, so there is time yet.

 

[BlackMonday]

The trade finishes the week in profit, but not exactly what we hoped.
I'll stick with it, but guess what, not every trade wins.
Looking for an opportunity to short £/$ early next week if anyones interested

Have a good weekend