sniper's Account Talk

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Sold SPXL 6% gain. had some good plays this week from the bounce, will probably take the rest of the week off from trading. Whenever trading in the opposite direction of the trend I don't get too greedy with it.

I do think this bounce is starting to get a little overbought and running out of steam, may go short eod if the opportunity is one i can't miss

looking at IWM's chart below (15min, 5-day), I don't like this divergence right here (if you're in a long position), it might crack before eod.

11-20rut15.png
 
Re: CNBC

Daily MACD histogram is about to go positive for Dow, S&P, and Russell 200, we may see a short term trend reversal to the upside (if it can hold today that is, still early).

Still sitting on cash and watching. Seems like everyone else is doing the same (or on vacation already), volume is extreme to the light side
 
Russell 2000 about to run into resistance. Does this rally have what it takes to bust through, or will it run out of gas? You decide :)

iwm11-26.png
 
good stuff, I'm waiting on the side to see what happens (100% cash position for my brokerage acct). This has been a nice rally to the upside, but I'm thinking there's a pullback before getting to that gap at 83. Will be interesting to see how it handles the overhead resistance at around the 81 mark (cup & handle breakout point / top of descending channel).

over these past months I've been getting more patient with my trading strategy, I only pull the trigger if I really like what I see (sniper trades, not machine gun trades :)). Right now, I wouldn't chase this rally, but I also didn't get a sell signal either.
 
sniper said:
good stuff, I'm waiting on the side to see what happens (100% cash position for my brokerage acct). This has been a nice rally to the upside, but I'm thinking there's a pullback before getting to that gap at 83. Will be interesting to see how it handles the overhead resistance at around the 81 mark (cup & handle breakout point / top of descending channel).

over these past months I've been getting more patient with my trading strategy, I only pull the trigger if I really like what I see (sniper trades, not machine gun trades :)). Right now, I wouldn't chase this rally, but I also didn't get a sell signal either.
Click to expand...

I see your point. I wouldn't feel bad about getting into a trade in a normal brokerage acct, but I would feel a bit hesitant to jump in with our TSP. I hate the lag in our transfers because I always feel like I am so far behind the curve that I have no other option than to chase or try to predict when the market will bottom (which is next to impossible).
 
twodaystocks said:
I see your point. I wouldn't feel bad about getting into a trade in a normal brokerage acct, but I would feel a bit hesitant to jump in with our TSP. I hate the lag in our transfers because I always feel like I am so far behind the curve that I have no other option than to chase or try to predict when the market will bottom (which is next to impossible).
Click to expand...

Yeah I've been frustrated with the TSP in general, up about 8% this year when my brokerage acct is near 100% in gains since january. Trading the TSP is a much different skill set that I'm trying to figure out right now (albiet unsuccessfully, buy and hold has been my biggest gains with TSP so far)

I rely a lot on stop losses for trading ETF's / stocks, and the TSP has no such mechanism
 
Looks like a possible reversal day, been licking my chops to buy TZA for the last few days but no sell signal = I held my hand. Going to wait till 3:45 to make a choice (still a lot of time for anything to happen)

If it looks anything like it does now though, it's prime for a short opportunity on the Russell (shooting star + bearish full stochs cross + failed to break the down channel). This was a nice rally, but it's due for a breather.
 
I'm long TNA $55.16, URTY $61.60, and SOXL $24.54. All with 1% trailing stops. Currently up about 1%. I got stopped out of UPRO and TQQQ after being up almost 8% on both. Not bad for a weekly gain. I love the leveraged ETF's!
 
twodaystocks said:
Too bad Sniper. Sorry to hear the small loss. I was wondering why you chose 15.69 as a stop for that one instead of a tight trailing stop?
Click to expand...

I personally don't use trailing stops, I set a point to give it a little wiggle room (in this case the top of the shooting star tail). Sometimes it takes a week or 2 for a trade to eventually play out, and if your stop is too tight, you'll run the risk of getting stopped out too soon. good job on your trades :)

2% is a rather small loss, i'm still up almost 90% for the year. just was almost sure this trade was gonna put me over 100% gains for the year haha, whoops.
 
sniper said:
I personally don't use trailing stops, I set a point to give it a little wiggle room (in this case the top of the shooting star tail). Sometimes it takes a week or 2 for a trade to eventually play out, and if your stop is too tight, you'll run the risk of getting stopped out too soon. good job on your trades :)
Click to expand...

You're right about the wiggle room. I do hate getting stopped out early, but I do like the security of knowing I am only going to lose a very small percentage. Whatever works for you though. Up 80% ytd right? Cant complain about that. Did you see the ACAD pop this week?
 
Obama is another wallstreet peon just like Romney. Whoever got elected the end result would be the same
 
twodaystocks said:
You're right about the wiggle room. I do hate getting stopped out early, but I do like the security of knowing I am only going to lose a very small percentage. Whatever works for you though. Up 80% ytd right? Cant complain about that. Did you see the ACAD pop this week?
Click to expand...

Back to G now myself. left 10% in small caps, foolish maybe.

ACAD was certainly a trip 2daystocks. Was in my self around the $ and took a big chunk out at 7.35 pre market. Gotta pay more attention here if you guys are playing equities too. btw, big jump on SQNS. AMD has been recovering steadily now. See if it keeps it up. Seems headge funds have been heading for the hills which is why I went ahead and went mostly back to the G fund. DOW hangin precariously close to the 200dma, just waiting for direction imo.
 
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