So you went short QQQQ at 44.73 and you just took profits at 43.69 and 44.01 if I understand you correctly and you also think the market will begin to trend higher short term because of BUY-PRESSURE at extreme. Correct me if I'm wrong.
No Danno, we did not take profits, still profitting on the 2/3 of position. We will stop if prices go back up there, not yet! Right? With me? Good Trading Danno
Boris, I did sell 1/3 of the 45s at 170 but bought them back at 140. I think we may see 43 yet,, I see the setup today is similar to Nov 24, and the next trading day on the 27 was the big point move. The buy pressure is not going up much, just the sell pressure dried up earlier-- amazing to me, the zero CPI last week allowed the market to soar to new all time highs, whereas the worst decline in 30 years for the PPI and the DOW is off almost nothing.
I may be smoking something for all I know, but set ups seem like psychology,, anyway on Nov 24 the market gapped down about the same as this morning, on bad news of dollar decline, then came back to flat line and closed off just slightly. then the next day 27th the big point decline happened. Just an observation, do you hold any hope for any follow through tomorrow?
Dear Kindspirited, there is always the possibility of this market moving lower, as per our mornings PRESSURE explanation. I think we may be at the second chance for the low for today, but in a day or three we could be lower, no guarantees though. Be careful. Do not read too much in a pattern once repeated, it may not. Yes hope is there probability perhaps 60%, I would not risk much for that. Why would not we play day by day. Low for today is estimated around now+30 min. Remember do not lose money! Good To hear from you. Good Trading.
Boris, sold all Jan 43 and 45 puts, some at fairly good price, others not so nice later in the day~~ good to be out over holidays, even at loss, right? I was anxious to sell at 43, it did not even come as close as prior times. Each time it got close to my sell point in last 3 weeks, it rockets up! more than frustrating. Bummer if tomorrow is down day! I could not take the chance of tomorrow being up day. premium would collapse. oh well, best to wait for good set up. your set up yesterday was great. do you think tomorrow and rest of week will see follow through buying?
Dear Kindspirited, I know how you feel, that is part of being trades, you deal with questions, I should have , I could have, but sooner you get over that thinking better it will be. Always lookd forward, but look back to learn. Good to see you mentally fresh and healthy. We shell see what comes in tomorrow mornings analysis about markets. It sure seems like this QQQQ decline created a strong buy pressure, which, if short lived, will confirm that we are entering bear. Good Trading
10 comments:
Hi Boris
So you went short QQQQ at 44.73 and you just took profits at 43.69 and 44.01 if I understand you correctly and you also think the market will begin to trend higher short term because of BUY-PRESSURE at extreme. Correct me if I'm wrong.
Thanks
Danno
Sorry I meant you will take profits when your last stop at 44.01 is hit?
Danno
No Danno, we did not take profits, still profitting on the 2/3 of position. We will stop if prices go back up there, not yet! Right?
With me?
Good Trading Danno
OK. I follow you. Gotcha. Thanks.
Thoughts on GLD?
Thanks
Dear Danno, I am actually long GLD at this moment, but did not announce it to public, bought futures premarket. I think it goes at least to 61.64
Boris, I did sell 1/3 of the 45s at 170 but bought them back at 140. I think we may see 43 yet,, I see the setup today is similar to Nov 24, and the next trading day on the 27 was the big point move. The buy pressure is not going up much, just the sell pressure dried up earlier-- amazing to me, the zero CPI last week allowed the market to soar to new all time highs, whereas the worst decline in 30 years for the PPI and the DOW is off almost nothing.
I may be smoking something for all I know, but set ups seem like psychology,, anyway on Nov 24 the market gapped down about the same as this morning, on bad news of dollar decline, then came back to flat line and closed off just slightly. then the next day 27th the big point decline happened. Just an observation, do you hold any hope for any follow through tomorrow?
Dear Kindspirited, there is always the possibility of this market moving lower, as per our mornings PRESSURE explanation. I think we may be at the second chance for the low for today, but in a day or three we could be lower, no guarantees though. Be careful.
Do not read too much in a pattern once repeated, it may not. Yes hope is there probability perhaps 60%, I would not risk much for that. Why would not we play day by day. Low for today is estimated around now+30 min. Remember do not lose money!
Good To hear from you. Good Trading.
Boris, sold all Jan 43 and 45 puts, some at fairly good price, others not so nice later in the day~~ good to be out over holidays, even at loss, right?
I was anxious to sell at 43, it did not even come as close as prior times.
Each time it got close to my sell point in last 3 weeks, it rockets up! more than frustrating.
Bummer if tomorrow is down day!
I could not take the chance of tomorrow being up day. premium would collapse.
oh well, best to wait for good set up. your set up yesterday was great. do you think tomorrow and rest of week will see follow through buying?
Dear Kindspirited, I know how you feel, that is part of being trades, you deal with questions, I should have , I could have, but sooner you get over that thinking better it will be. Always lookd forward, but look back to learn. Good to see you mentally fresh and healthy. We shell see what comes in tomorrow mornings analysis about markets. It sure seems like this QQQQ decline created a strong buy pressure, which, if short lived, will confirm that we are entering bear.
Good Trading
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