FOR THE RECORD
Since I posted more or less the live entry into the long Dollar position, I am also posting the exit for credibility purposes. It is easy after the fact to say well I did this or that, and alot of people do that so you think they never take a loss. This is not believable, and I am always skeptical of people who tell you what they did after it is already profitable.
When I watched the overnight ramp up again across the board in almost all markets, it was my judgement that a short trade against it which is what a dollar long is here, was not too likely to work. We are in an incredibly strong bull market now, and I will continue to choose my spots to try and time the reversal that I think is coming. However, at the same time, keeping losses small is probably my single biggest focus.
I recently had a 22 trade win streak come to an end, and I know it is likely I will lose on a few here, so I am not going to give back too much of the house money if I can help it. This is what trading is, grinding it out. I am a reversal trader for the most part so trends like this do present challenges because alot of the signals I use are designed to time reversals in price. Even the best of them fire early in situations like this.
I am not so stubborn that I would not take buy signals, I would if they showed up, there just have not been any with my methodology. So it is a $300 per contract loss on this one and on to the next one. We did get another COT sell signal in the NAZ last week from the COT data, so as much as I hate to look for another sell entry with this moonshot that is going on, I follow my methodology come hell or high water. As a result, I will be looking for a short entry in the NAZ futures in the upcoming days.