Banks

[#1]

All things considered though Simon, I think the easy money is off the table for now. Four potential scenarios exist right now 1) a resistance breakthrough on the DOW & JSE (FTSE irrelevant, IMO.) 2) some sideways action from here for a while 3) a pullback 4) a reversal of current trend. Only 1 scenario will make you money on a short - so I ask all hte would be shorters out there - what do you think the odds are of that scenario and how many times are you prepared to be wrong prior to getting it right?

[#2]

Skaap you make sense pal..I am short on SBK atm,gona wait for the pullback to come out unharmed..I went short abit to early from R93:50..The chances of a trend reversal is slim,the bad news is being ignored somewhat and the good news receives an over-reaction..

[SimonPB]

fair point, easy money maybe gone for now .. but as you say, shorting still a 1 in 4 ..

[SimonPB]

when bad news is ignored and good celebrated .. that equals a bull market .. that equals longs only ..

[#5]

Simon so what do you suggest in my case??Wait for a pullback to around 94 and close out-small loss or close out now??Its 10 contracts..

[SimonPB]

have an exit strategy (up and down side exit) in place before you enter .. an then stick to it .. so if your stop is not hit, then stay .. if it is hit, then exit ..

[#7]

Stop set at 9750

[SimonPB]

cool, now you wait .. best part is that the stop is in and you can now ignore the trade and read a book or something ..

[asylum]

lol thats if the market does not jump your stop loss!

[barry_1]

Yes good to place an Alert as well just below your stop-loss price.At least then u will be informed if the stop-loss is by-passed!

[SimonPB]

the market jumping your stop is of no concern because you can do nothing about it .. so carry on reading the book ..

[Ninja]

Guys remember, apart from your 20% fail safe stop, all stops are end of day stops NOT intra day stops. You can only action your stops once you know the end of day price. (Unless you are an intra day trader)

[#13]

Could we get the pullback 2moro??hmm??

[#14]

Let me answer my question: YIPPPEE;)

[#15]

I shorted absa at the close of 11902. Where to next? Big resistance at 120 and my stop is at 124.Dow is down so hopefully the bear comes in tom