Tuesday, May 8, 2012

Half stop on close.

355pm: Hold signal on the JTS, but half the position is officially stopped. This rebound today is exactly why we wait 'til the close to stop rather than having a firm stop price.

In other news, I'm making some good headway on CCI stuff!



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With SPY currently dipping below the 4/23 swing low of 135.94, the system flips to unhealthy mode. Officially, half of the long TNA position will be exited on the close today. The other half will continue to ride long, as there typically is a short-term bounce when this flip occurs.

More later...

27 comments:

  1. This comment has been removed by the author.

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  2. Wow, I picked a really bad time to follow your system. I should have done it from the first of the year, but I thought I knew what I was doing...

    Not

    ggggggggggggggggggggrrrrrrrrrrrrrrrrrrr

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  3. Tx for the update, J. I like the mkt here and am still building my long position. They washed out the stops on the YM from yesterday, and that was very key (technically), to me, so now let's see if they can't build a base here and rally for a day or so. You system flipping to negative, however, means I may have to start taking off profits earlier than previously expected. It's a long way to the close. Check back w/ya tonight.

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    1. Looks like we held key levels today on the Sp500... and the reaction after that YM washout was superb. Gonna be a lotta stops above today's HOD, and they should go get 'em, and if they do that, it'll cause a short-squeeze as a result. That'll be good for your remaining long, J.

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  4. Meeting missed the sell, no time. I hope we recover a little more tomorrow so my miss on the stop isn't painful...

    Thanks for the update!

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  5. RMI, most brokers allow after-market trades. Who do you trade with?

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  6. Replies
    1. Going to while I am on vacation this summer (about a 6 weeks) since I would be in cash then anyway...

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  7. You guys need to trade w/a better broker. There are several very good good ones, but, it's hard to beat Interactive Broker... institution quality, best insurance possible, dirt-cheap commissions, great tax reporting, and you can trade these ETFs in AfterHours pretty much 'round the clock. Then when you get some size in your account, you can move to index futures instead of lousy ETFs and have phenomenal liquidity, great bid/ask spreads, improved tax treatment, capital-loss-carryback, and no risk of short buy-ins.

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    1. Is their commission $.005 per share? The website doesnt come right out and say. How much for eminis?
      Also you can trade TNA at 2am CST??? or just the futures.

      Anyone use TDAmeritrade?

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    2. I am trading my IRA... IB may not be the best for me...

      I am moving to TOS (aka TDAmeritrade).

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    3. You can trade IRAs with IB.

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  8. I concur about IB. It's what I use.

    And, thanks, J, for working so hard.

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  9. You can trade TNA until around 6:30 pm CST. I don't recall what the actual commission rate is, but one ES contract doesn't cost more than $2.00 to trade, and 100 shares of TNA is around the same.

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    Replies
    1. At IB, anything less than 200 shares is a buck. YM & ES are $2.01

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  10. I'll second that vote for Interactive Brokers. I've been using them for years and am very happy. Their commissions are unbeatable if you trade reasonable sizes per trade. You can buy 200 shares of stocks for $1, including limit orders. ES is just $2 per contract. And execution is lightning fast. They also offer forex, options, and international markets, and you can trade any market any time.

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  11. Thanks for the info. Ill check 'em out.

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  12. I use OptionsHouse and really like them. I can't afford to buy 200 shares of most stocks so what would IB charge for less than 200 shares?

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  13. I made a small trade today in TNA. Selling 33 shares cost 78 cents.

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  14. I have an IRA with IB. Works well. Be sure to use the standalone trading platform -- not their crappy web-trader. Commissions depend upon your structure you choose, but, unless you are a millionaire daytrader, you'll go w/the standard fixed-rate system where 100 TNA is $1 ($0.005/share but $1 minimum, and 200 shares is $1, too) to trade, and the mini futs like YM & ES are $2.01. TNA trades at IB until about 8pm and then it starts trading again at 4am Eastern time. Just turn on your all-sessions intraday chart on your charting software (I use eSignal) and you can see the trades that go off on TNA. Futs trade around the clock except 4-4:15pm daily, and 4pm Friday until 6pm Sunday.

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    1. Indeed. I also use eSignal. I find that eSignal + IB makes a winning combination. IB is good for trading but eSignal's charting services are much better than what IB offers. And a neat feature is that you can link the two together on your PC to execute trades directly from eSignal through the IB API.

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  15. One comment about IB. Read up on their rehypothecation and their UK brokerage subsidiary. There were a couple articles concerning their treating assets like MF Global.

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    Replies
    1. IB has a rebuttal of the accusations on EliteTrader board.
      http://www.elitetrader.com/vb/showthread.php?s=&threadid=232268&perpage=6&pagenumber=10

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  16. Well, I HAD high hopes for this trade... let's see if Big Ben can save us...

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  17. Tx.. will check into that. Of course, the LLoyds of London insurance that they carry should cover most of that in the event of an oh-shit.

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  18. I just mentioned it fwiw--

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