I just closed out my last SNAS
(short Nasdaq ETF) trade, and reviewed how it all went.
Thought this may be of interest/use to some...
12/3 Buy $2k
22/3 Buy $2k
6/4 Buy $5k
11/5 Sell $6.4k
12/5 Sell $2.6k
OUT.
18/5 Buy $4k
21/5 Buy $4k
4/6 Sell $7.9k
OUT.
So after all that...
I finished just shy of break even, about 1% down.
TRADE 1:
1. 1st entry was good, and did what I thought it should. However, because my starting position was cautiously small, when the Nasdaq dropped 3% and gave me a return of 7.5% , I didn't bother to cash out. Mistake!
2. 2nd entry below the 20EMA was a reasonable bet, but simply didn't work.
3. 3rd entry after a strong run with multiple gaps up... was a bit of a punt on overbought conditions, and may have worked in a normal market. But here it ran up a bit further.
4. Exit was okay... 2/3 then 1/3 of the position.
I missed some more downside movement, but the market was swinging all over the place at that point, with a 1.8% intra-day reversal upwards.
So I just bailed.
TRADE 2.
Nothing particularly interesting here, although I was pleased with my exit on Friday...
kept a close eye on the NDX futures, and exited SNAS at the high soon after the open.
Just had a feeling it was time to get out, and the Nasdaq ran up hard last night, so I'm happy to have dodged that loss!
CONCLUSION:
Nasdaq is a tough beast to short!
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