3:20pm
GOOG short trade from 2 weeks ago is finally panning out really well.. for those who aren’t in it, wait for a bounce first, and then short. I think AAPL might be next.
2:44pm
Thank god, i didn’t short NFLX, that stock is sky rocketing. I still think it’s in its last faze of the bubble, but i’ll wait to see a reversal candle before i short.
2:44pm
AAPL looks like it might be starting it’s right shoulder on the daily. Remember i mentioned a possible formation of the H&S with the neckline at 300?
2:42pm
I highly doubt the market can hold it’s gains with the EURO falling down like this… i’m not shorting the market over the $118 line, but i’m definitely not buying it here either.
12:16pm
The EUR?USD could be forming it’s first inverse H&S formation that we’ve seen in a while on the 1/5 minutes. The fact that it broke down the 1.30 level though makes me want to go short this with as much money as possible. We still have to see whether or not the inverse H&s is completed (right now we are building the inverse right shoulder). If it fails, i’m all about shorting the EURO.
12:57am
AGQ is one of the companies we bought in the 122s a few days ago for in our paid services. We have already put a profitable stop on the trade, but if you want to buy this stock (for a swing trade) you should look at putting a stop below the 20SMA daily at 119 ish and hope that the 20SMA daily + the 120 support line that you see on the hourly will hold the stock up. If it breaks out of descending resistance, it is likely to shoot much further too.
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Ok here we go AAPL, GS, BAC falling!
well i’ll be darned. every single one of my SPY put entry points are green including my 2.95 entry. averaging has given me some really beautiful results.
let’s hope for a breakdown below 1180 into close. that should give us the momentum we need to crack under 1173-1174 tomorrow.
cheers.
woo…great callls you are on your game !!!!!
Cheers Woo!!!
might be a little too early to celebrate. but i can risk holding into tomorrow.
good luck.
Hmm, I have more invested than I would like right now given this nutty market action but I still feel like it is safer to be long than short here so I’m going to hold everything overnight. I should have closed some positions earlier today with decent profits. Poor trading discipline!
Just curious Morris, any thoughts to share on “trading discipline”? Have made significant monies, lost significant monies, but have never found a final business plan. Still up at this point, looking for 8% annual.
Leaving the office now and I’ll be tied up with classes most of the day tomorrow but I’ll be happy to share more on Thursday. I’m mainly pissed that I’ve had SPY calls that were up almost 30% both yesterday and today yet I failed to close them out on both occasions. It shouldn’t really matter what my overall target is for SPY, especially when things are so volatile. The smart move is to lock in profits when you’re up that much. Greed is one powerful bitch!
Thanks, post is micro oriented, but appreciate anyway. Look forward to your next posts on Thur.
I used to get caught like that. Now I take profits anywhere around 10% or above. The way I look at it is most people are happy with 8% profit in a year so on one single trade why would I risk losing my 10%+ on a single trade. 10 trades @ 10% is doubling your money in 2 months if you do 5 trades a month and pick your spots.
I use to double my money and then lose half, double again and lose half or even 80%. Since April of this year I’ve doubled my account once as of the end of August and since then it’s up another 50%. I’m not bragging just sharing how taking your profits and picking the spots makes good sense. It’s all about trading habits.
Thanks, but still have some losers long term based on the current administration (went short). Am playing with 30% of my porfolio to reach my target. Your scenario is great if you are 100% cash.
we need more serious sellers to make it happens.
1180.6 was the 50% retrace projection towards 1161.
however, market is still wedging sideways and hasn’t actually broken down.
will hold positions into tomorrow.
I’m looking fwrd for more down.
116 JAN puts delta is .38, if SPY drop to 116.50 tomorrow then at least the puts worth $3.8 a piece.
I really hope you are hitting your target.
GS closed on the low of the day.
Wow..what was that ????
that looked like a large drop right after the bell went off.
or are they setting us up for a short squeeze on good china and US data tomorrow…looks like BAC broke support at 11…tomorrow will be interesting
CIS tacked on another 8% today. THM too.
My trade EOD:
Dec: SPY 117 puts, 44 contracts:
In at 1.50
Current market value 2.00
Limit to sell at 2.75