I have a Buy

I realize this is a "fresh" countertrend trade...imo. But using the lack of expansion on the daily bollinger bands and an oscillation of the Advance Declines... I have a Buy today for a snapback rally. I'll use a Stop below yesterday's lows and an expansion of those bollinger bands as a sign that I'm wrong.... So, its a tough trade to take against so much negativity. And the risk management to go in heavy right here seems too easy. Using TNA. Partially in at 48.

I realize this is a "fresh" countertrend trade...imo.

But using the lack of expansion on the daily bollinger bands and an oscillation of the Advance Declines... I have a Buy today for a snapback rally.
I'll use a Stop below yesterday's lows and an expansion of those bollinger bands as a sign that I'm wrong....

So, its a tough trade to take against so much negativity. And the risk management to go in heavy right here seems too easy.

Using TNA. Partially in at 48.

Holding TNA... a "Real" 1/4 position

Added 1/4 position in TQQQ
Tight stop.

I realize this is a "fresh" countertrend trade...imo.

But using the lack of expansion on the daily bollinger bands and an oscillation of the Advance Declines... I have a Buy today for a snapback rally.
I'll use a Stop below yesterday's lows and an expansion of those bollinger bands as a sign that I'm wrong....

So, its a tough trade to take against so much negativity. And the risk management to go in heavy right here seems too easy.

Using TNA. Partially in at 48.

Holding TNA... a "Real" 1/4 position

Added 1/4 position in TQQQ
Tight stop.

Right on! It's the tough trades to take that are usually the winners.

Ideally, we'll get more of a bounce tomorrow. My fear is the Europe news today ate up a bunch of the buying power at this juncture in the market but we'll see. Still, given there's no low above a low in the NYMO and the NYSI is falling, I would not hold long if there's a down tick in the NYMO. In fact, I think that will be a short as long as the NYSI does not turn up on this swing.

Keep the stops tight.

Good luck and good trading.

P.S. If, by chance or just plain good fortune, TNA and/or TQQQ smack into the middle Bollinger band any time tomorrow, take profits and don't fret the weekend. Just my two cents. Good luck and good trading.

P.S. If, by chance or just plain good fortune, TNA and/or TQQQ smack into the middle Bollinger band any time tomorrow, take profits and don't fret the weekend. Just my two cents.

Good luck and good trading.

Thanks, sound advice. By chance it moves up I should probably take at least one of them off the table.

It was a tough trade... but I keep some running avgs of the advances and declines from barchart by hand in a style Gary Smith mentioned in his book written in the early 90s, it appears to be a strong indicator so I felt I had to take the trade. The same process using stockcharts data appeared to confirm it, too.

In hindsight I should have sold the open... and I hope buying the TQQQ I didnt jinx the Nasdaq as well as the Russell. I feel the RUTs underperformance today was all my fault. haha.

P.S. If, by chance or just plain good fortune, TNA and/or TQQQ smack into the middle Bollinger band any time tomorrow, take profits and don't fret the weekend. Just my two cents.

Good luck and good trading.

Thanks, sound advice. By chance it moves up I should probably take at least one of them off the table.

It was a tough trade... but I keep some running avgs of the advances and declines from barchart by hand in a style Gary Smith mentioned in his book written in the early 90s, it appears to be a strong indicator so I felt I had to take the trade. The same process using stockcharts data appeared to confirm it, too.

In hindsight I should have sold the open... and I hope buying the TQQQ I didnt jinx the Nasdaq as well as the Russell. I feel the RUTs underperformance today was all my fault. haha.

Guess I should say that after keeping the data, I have adjusted for modern volatility and watch for a turn off extreme plus a "cross" of moving averages. It's an osicllator for sure and appears to be one of the most reliable indicators I use.

Im rambling now... but the Dollar adjusted charts had the market at 52 week highs last week... and are on a definite uptrend (imo) Of course even there... are negative divergences. Crazy market

Edited by TradeXTC, 26 July 2012 - 09:54 PM.

Sold Edit: My indicators are still bullish, but looking for a pause right here.

Edited by TradeXTC, 27 July 2012 - 11:10 AM.

P.S. If, by chance or just plain good fortune, TNA and/or TQQQ smack into the middle Bollinger band any time tomorrow, take profits and don't fret the weekend. Just my two cents.

Good luck and good trading.

Thanks, sound advice. By chance it moves up I should probably take at least one of them off the table.

It was a tough trade... but I keep some running avgs of the advances and declines from barchart by hand in a style Gary Smith mentioned in his book written in the early 90s, it appears to be a strong indicator so I felt I had to take the trade. The same process using stockcharts data appeared to confirm it, too.

In hindsight I should have sold the open... and I hope buying the TQQQ I didnt jinx the Nasdaq as well as the Russell. I feel the RUTs underperformance today was all my fault. haha.

Maybe I should have said if TNA smacks into the middle Bollinger and TQQQ smacks the "upper" Bollinger (sure went through the middle like it wasn't there)...

However I have TQQQ in the heady territory that would call for a pause too but so far no down tick to signal the pause is on so I'm holding on to what little I still have. Sure looks like a ripping short squeeze.

Any four-point drop in the Naz comp would send me to the showers for the weekend.

Good luck and good trading.