DRC June 28, 2024

Not necessarily the best setup here because mag7 and indices were both bullish but seeing the indices swipe out the ATH while mag7 swiped out its PMH plus ADD and VOLD both pretty bearish and TICK being neutral combined with the extremely bullish moves that have been happening for over a year combined with Trump being the likely president meaning a lot of people are going to be going long into this move thus liquidity must be taken and longs must be punished for being too greedy. That was the entire thesis of this selloff move. Shorting this was extremely difficult given how strong the move up was but I played it correctly and waited for clean tops, did not stop out too early and once lows broke I sized into it and waited for a substantial move through the data candle for my size then held the partial for a 2m candle stop. I think I shouldve probably held a bit more of the position for the stop like maybe held 25% instead of only 5% so that is something I can fix moving forward. All in all not the best because of how bullish we were going into the short and how bullish the indices and mag7 were but sometimes when they are that bullish and the vold and add both tell me something interesting combined with the overly bullish sentiment and far extension from PDC this could pull back at least 20 points safely while still holding the long thesis for the longer term investors. This is a trade where if I dont get it I could have walked away earlier and lost a lot but instead of doing that I waited for my thesis to become correct and sized into it heavily to make sure I could cover my losses on the initial move up that were simply too early.