4 replies to this topic

[Rogerdodger]

A secondary buy might be when the trendline from the 2 early tops is taken out (right at the previous day's close in this instance).
Another late day buy would be above the morning's high.
But it is likely that area will be tested on the next trading day so I would sell at end of day.
These are especially profitable in my tax free ROTH.

I also like buying or selling a long trendline break on the 5 minute.

Here's a similar pattern for NUGT Friday.
It shows why it's good to sell half and put the rest at breakeven.

Edited by Rogerdodger, 20 December 2014 - 04:46 PM.

[risk_management]

Thank you for sharing this Roger.

[Rogerdodger]

Thank you for sharing this Roger.

You're welcome.

I like Tom Schankweiler's goal, "to make money, in the first 90 minutes of the day":

"My Daily trade objective is to make money, in the first 90 minutes of the day, not spend hours as an analyst looking at charts and guessing, been there and done that, therefore I simply scalp based on what I see in the charts and take what the market gives me, an easy way to make a living working 90 minutes a day. KISS and enjoy life ! "

Although some very good trades come in the last half of the day especially after a long, dull boring session when the trendline is finally broken in mid afternoon.

Edited by Rogerdodger, 20 December 2014 - 04:47 PM.

[Rogerdodger]

Look at the volume come in when the early low fails to hold.
EDIT: Closed at 9.69, down over 15% today.

Edited by Rogerdodger, 22 December 2014 - 09:30 PM.

[Rogerdodger]

Here's today's example of what happens when a long trend is broken, giving a cover short or buy signal.
The previous day had gold selling off and entering a daily trendline break sell signal.
That set up the potential for an early scorch of late gold bears who bought DUST or shorted gold the previous day.
However things reversed and gold began to sell off again later in the day.
A scalper could make change both ways, buying NUGT then switching to DUST.
l

Edited by Rogerdodger, 24 December 2014 - 01:07 AM.