sniper's Account Talk

[sniper]

I bought a measily 73 shares of SPXU yesterday before the close. It's up 3.91% right now so that isn't too shabby in a day (as long as it holds).

good buy! right now a lot of the charts look bearish, yesterday into the close was a good time to go short. I missed that opportunity haha.

 

[sniper]

here's my tza entry (15.68). was hoping for a little bounce from the russell 2000 but it was just a sideways action until the oscillator started heading south. I use the 15min charts and stochastic/ultimate oscillator signals to trigger an intraday buy

it may look like a little bit of a 'chasing' play, and it very well might be. but the daily charts are showing me a H&S pattern (look down a few posts), and if that breaks, we have a lot more downside to go.

 

[MaStA]

Since my account isn't setup as a margin account it takes a couple of days once I sell to get my money back into stock buying power. I started with $3,000 as mess around money in my individual account and I just submitted a request for another $3,000 to move there. That will allow me to play with $3,000 and have more freedom using $3,000 right away instead of having to wait.

Man I wish I would have bought TZA yesterday instead of SPXU since TZA is up over 7% right now. Either way SPXU is up over 5% so I'll take that still. What swayed me towards SPXU was that TZA/TNA seemed to not be reacting strongly to the overall market over the last couple of weeks. Obviously it is again now though.

 

[sniper]

5% is nothing to sneeze at, especially in 1 day. Anything in the green is a good trade in my book haha, those small wins add up after a while. Ya when trading leveraged funds, I prefer tna/tza, the small caps have a little more volatility, so if you call em correct it's a little more rewarding. though calling em wrong can sting a little more.

I don't have the guts to trade things like UVXY though :laugh:

 

[sniper]

Things can get extremely nasty from here. Looks like the H&S is completed, and by the way things are looking, not good for monday. Still an hour left in the day, but this downward slide was enough to complete the H&S pattern on the Russell 2000.

 

[MaStA]

I think I may sell at the close. J Trader's system is going back to cash and when I go on my personal thoughts I always get screwed. This is a nice day that I don't want to throw away...

 

[sniper]

true, if you were in since yesterday it was a nice trade indeed. If you're following a system it's always best to go with it

 

[MaStA]

true, if you were in since yesterday it was a nice trade indeed. If you're following a system it's always best to go with it

As much as I'm up today, I'm still down in my eyes. I held TZA too long and then sold it the other day at 15.01. I bought those TZA shares at 17.53...so as you can see I lost a bit. So today has helped me get a nice chunk of my losses back. I need to get better at the chart analysis and learn more about the things to look for (cup and handle, head and shoulders, shooting star, etc.).

 

[sniper]

As much as I'm up today, I'm still down in my eyes. I held TZA too long and then sold it the other day at 15.01. I bought those TZA shares at 17.53...so as you can see I lost a bit. So today has helped me get a nice chunk of my losses back. I need to get better at the chart analysis and learn more about the things to look for (cup and handle, head and shoulders, shooting star, etc.).

ouch, do you use stop losses? I usually set one in case I call it wrong, the loss won't be great. Usually if I'm shorting at a shooting star point I use the day's high as the stop loss, opposite if it's a hammer candle and buy signal, i set the stop loss at the day's low. I've taken some losses like anyone else, but in those cases if the call was wrong it gets stopped out before losses get crazy. actually the first thing i do after making any trade, is to set a stop loss point.

 

[MaStA]

ouch, do you use stop losses? I usually set one in case I call it wrong, the loss won't be great. Usually if I'm shorting at a shooting star point I use the day's high as the stop loss, opposite if it's a hammer candle and buy signal, i set the stop loss at the day's low. I've taken some losses like anyone else, but in those cases if the call was wrong it gets stopped out before losses get crazy. actually the first thing i do after making any trade, is to set a stop loss point.

I do sometimes and probably will start using them more...I'm still learning so my losses are ok with me since I'm not putting too much on the line. In the end I hope to get my losses back which I should.

 

[sniper]

weekly chart for the russell 2000. looks like we may have more downside but getting close to that oversold level, looking at possible buy opportunities in a week or 2

 

[sniper]

fed rumors really **** me off (except if i'm in a bullish position) lol

 

[blueroadster]

fed rumors really **** me off (except if i'm in a bullish position) lol

I don't follow...To what rumors are you referring? Are the QE3 presses firing up to devalue dollar more as a means to boost the market before the election?

 

[sniper]

I don't follow...To what rumors are you referring? Are the QE3 presses firing up to devalue dollar more as a means to boost the market before the election?

some buzz about QE being increased in response to operation twist expiring

obama won the 3rd debate though so it might be a little mixed response tomorrow

 

[sniper]

plenty of downward momentum, will post charts later. I wouldn't be a buyer on this dip just yet, it's almost like jumping in front of a train at this moment

 

[sniper]

Here's some charts after today's close. The Dow and S&P broke down and closed below the triple top (or H&S?) necklines. No reversal signal on either yet so I would wait until buying the dip. With this kind of downward momentum going right now this market is a falling knife.



The Russell 2000 fared much better than all of the major indexes, only losing .53%, and managing to close above the neckline (with a nice bounce off the 200-day SMA). The only question is who is the leader in this market? The small caps or large caps?



That is a nice hammer candle on the Russell 2000, but I'm not totally sold on it at the moment. Tightened my stop in TZA incase I'm wrong on this, but it looks like all major indexes are pointing to the downside. This is just one of those situations where I watch from the fence for confirmation & hold my current position. With that said, even if tomorrow is a down day, I don't plan to stay short for much longer, I just don't plan to buy the dip *right now*

 

[sniper]

everybody and their mom seems to be expecting a bounce tomorrow, which makes me even less likely to buy into this Russell 2000 bounce. Futures are up pretty big right now, but they were yesterday also, and we all saw what happened today.

just too many charts showing bearish signals right now for my taste to be a buyer atm

will the fed try something to save the market tomorrow?

 

[sniper]

Things may be lining up for a bounce here. Sold my TZA for an extremely minimal gain (+$22 lol) because I think the Russell 2000 is lining up for a move up.

Ultimate Oscillator is showing some positive divergence, slow stochastics is about to cross upward from oversold, and yesterday we had a hammer candle, followed by a higher low / higher high. Gonna keep my eye on this and possibly enter a buy position.

 

[sniper]

FOMC was a flop, surprising. The Fed usually has a way of lifting the markets, are people losing faith in them?

 

[sniper]

in TNA @ 56.39 a min before close, got the signal i was waiting for lol