LTF considerations: Locking in profits with a hedge long
So I did pretty well yesterday riding the short down, taking some profits, adding on and taking profits again. 23% Gain on total balance for the day.
This little bounce early this morning and the bounce off the 0.382 retrace has me thinking we could get a little relief here in the short term, so I moved my stop on the short into profit, and opened a hedge long of December futures.
I figure I can get a better short entry up around the top of this monthly block confluent with a 0.62 retrace from the drop(if we see a rejection from it which seems probable IMO). We still have a big liquidity draw to the downside, and this way, whichever way it goes I've got orders set to benefit from it.
This little bounce early this morning and the bounce off the 0.382 retrace has me thinking we could get a little relief here in the short term, so I moved my stop on the short into profit, and opened a hedge long of December futures.
I figure I can get a better short entry up around the top of this monthly block confluent with a 0.62 retrace from the drop(if we see a rejection from it which seems probable IMO). We still have a big liquidity draw to the downside, and this way, whichever way it goes I've got orders set to benefit from it.
