Yesterday on the short squeeze I invalidated my previous bear chart and temporarily went long in the am at $6,965 (commission included). This morning upon the realization of a new forming and upper resistance looming overhead I closed out my long position at $8,190 for a total gain of 17.58% Not bad for 24 hours. :D
Did I catch is all? I don't know yet. Did I get out too early? I don't know yet? Am I going to sweat it? Hardly.
I'm content to set back in 100% cash and see how this new channel plays out. My obvious intent is to go long again at the bottom of the channel or even lower if the lower support of the channel fails. When I finally do go long again I will have 17.58% more cash to deploy.
I wish it was this easy every day.
Good luck in whatever side of the trade you are on. Everybody has an opportunity to make profits so long as they do not get too greedy or fearful at any given time. And that's a hard lesson for most of us to learn, myself included. Too many times have I let me fear or greed get the better of me. I have, however, over time (many many years) learned to dial it in and make better judgements. That's why I took my profits this morning. No need to get TOO GREEDY. There will be plenty of opportunities to do it again.
Someone once said, and I must agree, "You'll NEVER go broke taking profits"
If not, I'll just post from time to time for my own personal historic record. :D