I'm feeling some decent pain on my current trade. The market had a rough start this morning and my position was getting down to a 25% loss. At 10AM the market seems to have found a short term bottom and the Q's have been moving up for the last hour to almost green on the day.
As I stand now I'm now only down 10% and I'm trying to decide if I want to hold for the upcoming 3 day weekend. I still think we will see somewhere close to $31 over the next couple of days and my charts are telling me we are in an oversold condition. So charts are telling me we go higher from here.
As a side note, I started to use another account with this same trading methodology. In that account I have 200 contracts of the same trade. So I'm feeling more pain in that one compared to this account.
I'm glad I picked the March options, that gives me plenty of room to let the trade play out.
As I stand now I'm now only down 10% and I'm trying to decide if I want to hold for the upcoming 3 day weekend. I still think we will see somewhere close to $31 over the next couple of days and my charts are telling me we are in an oversold condition. So charts are telling me we go higher from here.
As a side note, I started to use another account with this same trading methodology. In that account I have 200 contracts of the same trade. So I'm feeling more pain in that one compared to this account.
I'm glad I picked the March options, that gives me plenty of room to let the trade play out.
Leave a comment