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Market is running strange when gives sell signal for swing trade than it in a short period change to buy on shorter time frame. Seems like black box running on short time frame. I may need to adjust accordingly.
If we close below 91.25 than a sell signal will be generated.
Added to the position TNA May 21 Calls 90, @ 8.90.
Order Date 04/07/2021, 12:33:22 PM ET
We filled the gap we are still on buy.
Next three days will be critical for Russell 2000.
IWM is filling the Friday Gap and some may be more, TNA could visit 92.37 before going up, I am not short. I went long Via ITM call right now, Upward movement is usually very fast.
I have covered my last night short but I am not long yet. Closing above 82 Will generate a buy signal confirmation. Earliest signal will be candle closing above 79$.
Well king has no cloth. Buyers on strike.
Relentless selling on normalization and oil dipping.
Remain on sell but could test 98.64 before expiration without negating a sell signal.
Sold at 98.50. Option expired.
They definitely shook very well I stopped. Took a minor loss, probably will buy closing if it went to 101 level.
Market open gaps down to test weak buyers. It will resume upward momentum after Friday expiration. Too many call buyer @S&P 400.
MM wants to make them Zero payout.
We are still long.
There could be a pull back tomorrow in TNA. Trend will remain up.
Typical pre Crash scenario developing.
If they could not hold market from now till Fridays closing, there could be crash on Monday. Typical pre trash scenario developing.
So far no buy signal. Buy signal for today would be closing above 90.80 $.
We recovering some in late session tomorrow could be turnaround day there is no signal yet just my hunch.
It did give a small buy signal but negated in 30 minutes, buy came at 2:50 and went to sell at 3:20. Closed on sell it seems like a bigger correction scenario developing. Be care full.
From 1:30 PM it is on sell Protect your asset.
It is 5 minute chart signal.
Well now seems bears needs to go in hibernation bulls seems ready to run again.
So it was enticing more bulls, will it be three day sell off or more?
Farooq
Yesterday test was strength or enticing more bulls to get slaughtered yet to be seen. Nominal new highs are possible.
I think you bought at a good time but RUT still could go bit higher.
IMOP leaving little crumb for others is OK.
I bot TZA Wednesday @ 9.54...i don't understand the RUT buying when everything is going to shut down again...maybe the gap needed to get filled...I was surprised the markets shot up after the election, must have been the coincidence of PFE's vaccine pr...
I sold most TNA near 50 because I thought a correction of 5 % is in order in IWM which translate to around 1700 let's see if that happen.
I have sold some TZA puts to get the stock if it stay below $ 10 with premium I will buy some calls on TZA very little of my own money involved at this time.
Volatility because of election and fear of second wave is increasing. I think 32.20 will be tested again before marching towards 54 $, yes 54 is next bull target by December.
If 32 does not hold than 26 28 area could be in play. Election results could gyrate to 19--20 $ could be in play.
SO both sides have good R/R.
Pick your side and write if you have opinion.
seems very do able.
I cashed my 35 Puts little early.
No short position little long at closing.
I am glad my decision to get out of Common and stay with 37 calls, they will probably wash out but lower price of TNA will make much and cover that loss and more.
W might fill the gap at 27 seems like.
I will take profit tomorrow, and stay long with OTM calls. Probably Sept 18 37 calls.
Good luck and happy trading.
As signal is on buy so holding it. Stop 34.80 now.
If it want a run I do not want to be out prematurely.
It is trying to recover Question is can it make recent high again.
In absence of stimulus it is difficult but possible.
I went a little bit long at close today.
Seems TNA showing early sign of sell off to start. I am willing to buy some puts here on TNA probably 35/25 spread for 1 month out.
Short covered at 35.45 Went long 35.60 stop now 35.90.
This week both ways price movement highly likely, I will try to play both sides.
Institution bought 2060 07/10 28 valls and 2160 June 29 same month calls.
Results was obvious they shorted TNA with Fury and took it 26.90 to 24.75.
Call buying on index is rarely bullish sign. They mostly do opposite.
I will be surprised if we close above 29 tomorrow.
I do admit my 3/8 EMA system is not working on small intervals, many whipsaws.
Good luck and happy trading.
There is abnormal call volume in TNA from 27 to 31 $ strike price.
Probably 27 to 29are bought and 30 to 31 are sold.
Just my opinion.
FYI, I use 4 hour charts. These 'print' twice a day. Once at mid day and again at end of day. The box's are free to move up or down during the day, turn red or white, as the day progress's, but I don't act on them until they 'print' mid day, and again at end of day.
I use 'end-of-box' price calculations (not high/low price calculations) for box creation (StockCharts allows you to choose either). When I use a ~2% box size, and a new box prints using end of box price, this means a new box will print when a 2% price continuation occurs BUT WILL REQUIRE A 4% PRICE CHANGE to reverse direction from up to down (white to red), or down to up (red to white).
The result of all this will act as a 'filter' to remove many intraday price fluctuations. Works well for me for swing trading.
I don't have time during the day to day trade, but I can check 2-3 times during the day, and end of day, and using a 4 hour chart works for me.
GLTY
Yes, 2% of the Y axis is my chosen box size, give or take rounding errors.
For any runners, I recalculate and revise the charts I am following on the weekends.
Is you box size is 60 Cents? that is equal to about 2%.
Thanks for sharing your work.
Please keep posting your views and charts.
I too am following TNA/TZA, but my method and time frame are different than yours.
If your interested, this 10 min video explains the above chart and how to use it quite well; swing trading a Renko chart with the Ichimoku indicator combination.
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