Parting is such sweet sorrow. We have had a great time the past 6 weeks pulling dollars away from some poor soul who tried shorting the market against us. It is time to begin taking the money and running. The first thing I am doing is raising everybody's stop on the ES to 2900 and on the NQ to 8900.
My style tends to get into positions early but also to leave early. I am fine with that. It has allowed us to capture the majority of this move. When we exit it and stocks continue higher it will feel like I got us out too early but there is really no way to know. At some point we just have to say "Enough".
Raising the stops is just a precaution. It is a safety net. We still need to pull the trigger to exit. Every person I am trading with has a different position size so there is no one size fits all approach I can offer. I am going to just leave it to you to tell me how you want to do it. I propose some suggestions:
1. If you only have one position. lets raise your stop tighter daily till the market closes you out.
2. If you have more than one position, lets start selling 1 or 2 positions daily and raise the stops on what you have left.
3. At any time, you can just tell me to close out what ever it is.
None of these are the wrong thing to do. Just think about it and let me know how to proceed.
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