Regarding the SPY Pro system, which went long last week and on
Friday (2nd position was in SSO), may exit the trade today and go
back into cash if SPY closes above 213.5. I'll wait until
later today to confirm.
On another note, if the market closes near it's highs today with
a solid candlestick, another alternative for folks who don't want
to sell their entire SPY Pro system trade would be to sell 1/2 the
position to lock in some nice profits, then place a stop at 50% of
today's candle range on the S&P 500 cash. Again assuming
today ends with a solid candle, that would be required. Also the
reason I said use the S&P 500 cash candle vs SPY is because it
does not have the huge gap that SPY does, I personally find that
using the SPX cash works better in this manner than the ETF.
And remember Election on Tuesday, so likely a gap on Wed in
either direction
Here's a visual representation: If the SPX cash closed at
or near the high with a solid candle, then a conditional stop order
could go at approximately 50% of the SPX candle range that would
stop out any remaining SPY or SSO trade. Remember this is
against the system, the system is not doing this, I'm simply
showing you a method should you wish to not sell your entire
position today at the close with the the system. however if
one did that I would consider at least selling 1/2 to lock in some
gains.
Update on the SPY Pro system, this morning the system was
looking to exit the trade, however if price can hold up there the
last hr, the system will hold because one of the momentum
indicators that governs if the system is going to hold has flipped
to green intra day. Again this could flip back to red if the
market weakens enough into the close
Just to echo the sentiment Matt that I am just glad your ok
after your incident with the deer. With regards the Spy Pro system,
is there an exit target in mind for today or may the system stay
long into Election results day tomorrow ?
thanks! so with the SPY system, it's going to hold for now
until the momentum trending indicator turns red. And if the
market manages not to pullback much and instead goes much higher,
enough so that a 34 length Stochastic gets over 80%, that will then
hold the trade until it closes below 80%, like passing a
baton
If the market closes near it's highs today with a solid
candlestick, another alternative for folks who don't want to sell
their entire SPY Pro system trade would be to place a stop at 50%
of today's candle range. Again assuming today ends with a
solid candle, that would be required. And remember Election
on Tuesday, so likely a gap on Wed in either direction
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SPY Pro system comments
Posted by matt on 7th of Nov 2016 at 09:40 am
Regarding the SPY Pro system, which went long last week and on Friday (2nd position was in SSO), may exit the trade today and go back into cash if SPY closes above 213.5. I'll wait until later today to confirm.
On another note, if the market closes near it's highs today with a solid candlestick, another alternative for folks who don't want to sell their entire SPY Pro system trade would be to sell 1/2 the position to lock in some nice profits, then place a stop at 50% of today's candle range on the S&P 500 cash. Again assuming today ends with a solid candle, that would be required. Also the reason I said use the S&P 500 cash candle vs SPY is because it does not have the huge gap that SPY does, I personally find that using the SPX cash works better in this manner than the ETF. And remember Election on Tuesday, so likely a gap on Wed in either direction
Here's a visual representation: If the SPX cash closed at or near the high with a solid candle, then a conditional stop order could go at approximately 50% of the SPX candle range that would stop out any remaining SPY or SSO trade. Remember this is against the system, the system is not doing this, I'm simply showing you a method should you wish to not sell your entire position today at the close with the the system. however if one did that I would consider at least selling 1/2 to lock in some gains.
Update on the SPY Pro
Posted by matt on 7th of Nov 2016 at 02:51 pm
Update on the SPY Pro system, this morning the system was looking to exit the trade, however if price can hold up there the last hr, the system will hold because one of the momentum indicators that governs if the system is going to hold has flipped to green intra day. Again this could flip back to red if the market weakens enough into the close
Just to echo the sentiment
Posted by peterjennings71 on 8th of Nov 2016 at 12:55 pm
Just to echo the sentiment Matt that I am just glad your ok after your incident with the deer. With regards the Spy Pro system, is there an exit target in mind for today or may the system stay long into Election results day tomorrow ?
thanks! so with the SPY
Posted by matt on 8th of Nov 2016 at 02:30 pm
thanks! so with the SPY system, it's going to hold for now until the momentum trending indicator turns red. And if the market manages not to pullback much and instead goes much higher, enough so that a 34 length Stochastic gets over 80%, that will then hold the trade until it closes below 80%, like passing a baton
Guys - I added some
Posted by matt on 7th of Nov 2016 at 09:59 am
Guys - I added some additional comments to the stick post on the SPY system at the top
If the market closes near
Posted by matt on 7th of Nov 2016 at 09:43 am
If the market closes near it's highs today with a solid candlestick, another alternative for folks who don't want to sell their entire SPY Pro system trade would be to place a stop at 50% of today's candle range. Again assuming today ends with a solid candle, that would be required. And remember Election on Tuesday, so likely a gap on Wed in either direction