Thread: sniper's Account Talk

Wow what a roller coaster of a day so far. It looks like the train tracks are getting a little shaky lol.

Still holding the SPXS shares, moved up the SL to 24.03 after yesterday's big day. Just gonna sit back and watch this movement, not looking to add a position just yet.

Bulls don't seem like they want SPY to go lower than 272, looks like a line in the sand. Whenever it dips below there, it quickly gets bought back up to 272. Will it hold or crack? I'm thinking it will, and the next resistance will be around the 270 level, we'll see.

If it does hold... Well I still need to be shown a little more to believe it's a sustained bounce. Looking at the 1-minute charts, there's a couple huge green volume spikes so we might see a short term bounce from here? Who knows, in this market 'anything can happen' has rung true for the last few weeks.

Bought some FAS near the end of the trading day. Most charts look like things I wouldn't dare touch, but financials just seem to have a mind of their own, and I feel it may have more room to the upside, we'll see. My system triggered a buy for XLF. It's times like this where I'm like 'ummm, i don't know about this', but the whole point of a system working is to stick with it

Still holding those SPXS shares but overall net long, though in this market that could change in a hurry, these whipsaws are pretty damn wild. It does feel like in the current market, there's more downside risks, I feel the long positions I've taken lately were quick in and out trades.

Woke up late and missed the market open spike, but the 2% gain mark was reached with FAS, so I sold half at a 1.6% gain, and shortly after the break even point was triggered & stopped out, so overall that play was a +0.8% gain. Just like that the FAS play is over, SPXS is still riding.

Glad I did that, my old self would have waited for it to hit +2% again and got burned. I still need to wake myself up in time especially in this volatile market, but that's hard sometimes where I live (market opens at 4:30 am )

I feel the next move in the SPY is to 270, waiting for it to hit that level before either going long or adding to short. As for now just watching.

Think this goes lower more. In my experience, descending triangles have been pretty reliable indicators. Not to mention with the low volume, it doesn't seem like there's eager buyers stepping in to buy yesterday's 'rally'. It's gotten near to that 270 mark, but I think when it reaches / breaks that level, we'll see an uptick of volume. From there we'll see.

SPY Daily 11/14 @ 12:36pm ET

Exited SPXS +11.35%, got in some SPXL at 43.21 -2%SL

That decending triangle could've been a bullish pennant, who knows , but my moves usually follow the volume and it has a feel to the upside. But like I always say, who knows

edit: Even if this turns out to be a good play, I slapped myself for doing this. My system sets stops and allows them to get hit, I didn't do that with SXPS. Once again emotions ruled that decision, but I have gotten a little better at not doing that over time.

Already stopped out haha, that was a quick giveback. No position right now.

Another lesson learned on don't make emotional decisions, that SPXS i didn't allow to get stopped out will likely run further, also got caught looking at intraday charts which my system doesn't go after. double whammy. 2 strikes against not following the system to the T, just got a little overzealous being on a win streak lately. Market has a way of humbling you quick.

Moved to F fund

Weird day on the market today, dollar down big and markets still down? Usually when UUP is down half a percent or more, it's a sea of green.

Not holding any other positions other than TLT, which I bought on Nov 7th. Planning on holding that for the intermediate-long term (when my system says we're out of bear territory, i'm long-term bearish on this market).

SPXS buy limit triggered at $26 we'll see what happens. Price action failed to break out & hold outside of the descending triangle on pretty high volume, so I'm betting on more downside.

Sold half the shares at 6%, letting the other half ride. Hope everyone's having a good week.

lot of huge block buys in SPY right now. Smart money starting to buy into the market now?