415pm: The short signal was confirmed (obviously). It was a strong signal so it should be a pretty low risk trade. See ya here tomorrow.
245pm: Short signal is confirmed if SPY closes at 124.81 or higher. Currently its well above, offering an attractive price. A close of 124.7-124.8 is a plain sell signal with no short. And anything below 124.7 is a hold signal. Have a good rest of the day!
At 1047am, I am getting an extremely strong SHORT signal for today. My system is about to melt down with this much red on the screen! :)
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ReplyDeleteThanks for the early warning.
ReplyDeleteI will look forward to your posting later on today.
Thanks! Very specific instructions from the model. However, what a narrow target, ten cent band on SPY... half the time it isn't until 4:20pm that Stockcharts even decides on a final FINAL closing price..
ReplyDelete:) - Daniel
I hear ya but it is what it is... :) Hopefully its not a problem today. Looking good so far.
ReplyDeleteLove to see gap downs after a short signal. Statistically, it significantly enhances the success rate of the signal. Even better if it doesn't fill... but that may be asking too much. :)
ReplyDeleteJ-
ReplyDeleteLooks like you really nailed this one. Running on all cylinders now!
Any early indications on a signal for today?
ReplyDeleteCan you use a regular trading account with TD ameritrade, have cash balances of only 15K, and trade the system without being flagged a pattern day trader. Does anyone have this type of account? If so, have you ever been flagged a pattern day trader trading J-traders calls.
ReplyDeleteI'm mobile today and will answer your question later today, john. As for the signal...probably gonna be a cover.
ReplyDeleteOk thanks -J
ReplyDeleteHmm, I would think that since TNA/TZA aren't futures, anytime you trade them more than three times in one week, you'd be subject to PDT rules.
ReplyDeleteI got nailed by this once about 6 years ago and while it was embarrassing at the time, I have to admit in retrospect it was probably the best thing that could have happened to me.
Thx M! And to go a bit farther, I would ditch the cash account in favor of a margin account. Not so you can use margin, but so you can avoid the 3 day settlement rule that you deal with in cash accounts.
ReplyDeleteIf my system ever has 4 round trip trades in 5 days (which is very, very, very rare) simply do not take the 4th trade. Sit in cash until you can trade freely again. No harm in that.
I too was PTD last year. The worst part was the fact you have to close your positions at the end of each trading day in order to have access to that capital the next day. It's a bit ridiculous.
Excellent point. I have a margin account but never ever use margin. I also keep a balance large enough to avoid the PDT trap, but I also never day trade either. I find that not at all to my liking.
ReplyDeleteOn rare occasions I'll sell something I just bought the same day if I decide I made a bad mistake, but then I'm done for the day.