I'm taking it easy when SPY is on historic highs and I'm thinking and wandering what do traders/ investors think being long on CBI and TNK..hmmm.
My guess is: Whoever went long on those tickers today they did it because SPY is breaking new historic highs besides all the fundamental good stuff about those tickers. But what do the swing longs, who went long last week, think ? They are up in gains big time. Are they going to be greedy and just hold after the already big move up in their favor, just because SPY is making new highs? It may make a lot of sense , I 'd say. And I do not see a reason why would long on CBI even get out if it holds 57.00 ? It is showing a great intraday support today , and I am short hoping to break that support. But why hoping? Why do I not get out and chill till it breaks if it does?
Got stopped on the first try 57.25 stopped at 57.58 for 33c loss.
The stop was based on the daily resistance 58.15. Normally my stops are much smaller then the planned stop.
TNK
I did wait for the TNK to break that 6.66 floor that is important level from last 30 days back , since it did not close above it, and today has a hard time holding above it, so it may simply not close above it again besides the fact SPY on historic high.
CALM just observing this do not wanna be short too many today when SPY is on new hist. highs
No strategy works all the time. But controlling the risk is all I can do. I did a poor job doing that today on CBI, bou overall I did not go crazy shorting left and right seeing the SPY making new highs, which is still a success being able to control the emotions and not to chase any trades.
There is always a new day , when the set ups will work.
Salute
Stay disciplinned
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