This Tool Got Me Out Just In Time

Posted by Joe Duffy | Nov 6, 2024 | Joe Duffy's Trading Advantage | 0 |

After a series of mega wins in MSFT, AMD and AMZN, my XRAY strategy exited the IWM short from 220 at the close of 224.25 on Tuesday. A $4 loss compared to $12- $15 wins on the aforementioned stocks. Right now the market is extremely treacherous. All the more reason to have a strategy with rules for entry and exit. My own view was for weakness this week, and that was wrong. However the XRAY strategy just ate the relatively small loss in IWM and awaits the next set up. I do mix my personal view expressed here based on several strategies and a touch of experience, but clearly it is not always right. I find it very useful to have a rule based reason to exit when wrong. I won’t be entering any fresh positions this week with the market digesting election and FOMC on deck.

Thanks,

joe

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Joe Duffy

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