I'm feeling like hoek2 and it's not even noon-"
if it weren't for bad luck, I would have no luck at all". Got
in on TZA, and also bought some QID this AM looking for that
pullback after the 5 waves up, and now it looks like the market is
pushing all the way back up. Now the CompX is less than 3
points down, bought those 2 when it was lower than this, and the
EURJPY is still rising. Is this pullback going to play out,
or was that it?
Yes, the set up in almost all of those etfs are valid right
now, being that the mr. mkt is very very choppy as
of now, it is taking too long for those set ups to play out.
By tomorrow, I will concede my self because I am holding some SDS
CALLS which should go up contrary to the market coming
down.
Posted by panaspor on 17th of Jun 2010 at 12:21 pm
It's taken me over a year to learn that I didn't know how to
trade at all when I thought I did. If you had watched the 5
min spx on this site, the 5th wave was pretty well in yesterday
afternoon. The time to have entered was at yesterday's close
(which I did) or less risky, this am at the open. I took a
profit at the 38% retracement with a profit a couple of hours
ago. No, I wasn't going to wait till 50%. Too
risky. That's my 2 cents. It's a learning
experience. Not all is lost however, the 30 min chart looks
like a H&S setting up, you might be alright.
thanks for the words of encouragement. I was sick this
time-middle of last week, taking some medicine and trying to rest,
didn't catch the double bottom or near it at 1040. Was too
busy trying to get well through the weekend, then lost some earlier
this week, now seem to be missing the pullback or being able to
profit, feeling like I can't catch a break the last several days.
Thanks again for the helpful advice.
You are exactly right Steve, this is what I was thinking
about this am. This mkt is deliberately dragging its feet so that
most of those out of the money calls and puts would expire
worthless because of Max Pain Theory. I am sure by late tomorrow
and Monday, the mkt will move up or down very well.
Posted by dallassteve on 17th of Jun 2010 at 12:05 pm
angela, it sure is choppy. I plan on holding my TZA.
The set-up looks valid to me.
I bought TZA when it gapped down on the open, so I got a good
entry. Sold 25% of my holdings when it shot up to 6.62.
I got good advice from cspirit, who noted this area as
resistance. This locked in a small profit.
I'm still looking for it to turn-around and a run up again, but
I am prepared to wait until tomorrow for this to happen.
It never hurts taking some off the table on 3X ETF when they
breakout first time ... I'm holding my remaining TZA for a
few days until overall market set-up clears or TZA hits targets
etc.
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Is this market going to come all the way back?
Posted by angela on 17th of Jun 2010 at 11:49 am
I'm feeling like hoek2 and it's not even noon-" if it weren't for bad luck, I would have no luck at all". Got in on TZA, and also bought some QID this AM looking for that pullback after the 5 waves up, and now it looks like the market is pushing all the way back up. Now the CompX is less than 3 points down, bought those 2 when it was lower than this, and the EURJPY is still rising. Is this pullback going to play out, or was that it?
Yes, the set up in
Posted by benjee on 17th of Jun 2010 at 12:25 pm
Yes, the set up in almost all of those etfs are valid right now, being that the mr. mkt is very very choppy as of now, it is taking too long for those set ups to play out. By tomorrow, I will concede my self because I am holding some SDS CALLS which should go up contrary to the market coming down.
Timing is everything when you play tza
Posted by panaspor on 17th of Jun 2010 at 12:21 pm
It's taken me over a year to learn that I didn't know how to trade at all when I thought I did. If you had watched the 5 min spx on this site, the 5th wave was pretty well in yesterday afternoon. The time to have entered was at yesterday's close (which I did) or less risky, this am at the open. I took a profit at the 38% retracement with a profit a couple of hours ago. No, I wasn't going to wait till 50%. Too risky. That's my 2 cents. It's a learning experience. Not all is lost however, the 30 min chart looks like a H&S setting up, you might be alright.
thanks dallassteve
Posted by angela on 17th of Jun 2010 at 12:16 pm
thanks for the words of encouragement. I was sick this time-middle of last week, taking some medicine and trying to rest, didn't catch the double bottom or near it at 1040. Was too busy trying to get well through the weekend, then lost some earlier this week, now seem to be missing the pullback or being able to profit, feeling like I can't catch a break the last several days. Thanks again for the helpful advice.
This is a tough week
Posted by steve on 17th of Jun 2010 at 12:17 pm
This is a tough week with option expiration factoring into the equation.
You are exactly right Steve,
Posted by benjee on 17th of Jun 2010 at 12:31 pm
You are exactly right Steve, this is what I was thinking about this am. This mkt is deliberately dragging its feet so that most of those out of the money calls and puts would expire worthless because of Max Pain Theory. I am sure by late tomorrow and Monday, the mkt will move up or down very well.
holding TZA
Posted by dallassteve on 17th of Jun 2010 at 12:05 pm
angela, it sure is choppy. I plan on holding my TZA. The set-up looks valid to me.
I bought TZA when it gapped down on the open, so I got a good entry. Sold 25% of my holdings when it shot up to 6.62. I got good advice from cspirit, who noted this area as resistance. This locked in a small profit.
I'm still looking for it to turn-around and a run up again, but I am prepared to wait until tomorrow for this to happen.
just my 2 cents, and worth every penny, too :)
It never hurts taking some
Posted by cspirit on 17th of Jun 2010 at 01:14 pm
It never hurts taking some off the table on 3X ETF when they breakout first time ... I'm holding my remaining TZA for a few days until overall market set-up clears or TZA hits targets etc.