Trading Diary – Holding My Nerve on the NASDAQ 100

Today the NASDAQ 100 futures hit an all-time high of around 22,400 points. The index has been on a steady climb since the market opened last night at 11PM. With it sitting so high, I held off buying in, expecting a pullback.

Throughout the day, I managed a few small scalp trades shorting the index – nothing too dramatic, basically break even. Then, as it looked like the price had finally topped out, I placed a short position at 22,286 points, expecting a correction.

Unfortunately, the index had other ideas and pushed up to new highs. As it stands, that trade is currently in the red… but I’m still confident that a pullback is due as traders take profits. It’s a waiting game now – ideally I’ll close at break even, or at least reduce the loss when the price retraces.

What goes up must come down, right?