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Thanks. I shorted and covered twice. I'll be watching from the sidelines for now as this doesn't really have a direction now but has some nice swings if play them right. 11.60 looks like its the bottom as of now being that's it's been tested a few times today and held.
Covering again now at 11.61 :)
Shorting this thing again :) Easiest money here guys!
Covered at 11.75 this morning, hope everyone made some quick cash :)
Down she goes, hold those shorts for the ones who followed me yesterday :)
Thanks!
I gave everyone a warning followed by my active timing of the short trade. Good luck to all!
My followers are already up .03 at close from the short position if you shorted from my last post 15 min ago. Hold those shorts, easy money here.
For the followers: Shorting now at $11.91
Deciding to short this one before earnings :) Made a killing off the last Q earnings dump.
I used to scroll through the yahoo boards back in the day to fill my little spare time with some humor. There's nothing funnier than reading some of those bloggers and posts of complete nonsense!
This year especially is a complete mess of an election. I expect continued volatility approaching elections and my number one approach into the market is trade daily and don't hold anything.
I apologize for not replying sooner I decided to take a much needed vacay. Once I finish up a few things tomorrow I'll be popping back on here again more often. :)
Bank stocks are most heavily swayed during election year especially as the polling dates approach. I wouldn't lean either way with it as the hike has been going back and forth very liberally. Try not to get persuaded by the index headlines; they are a load of bs. I like to call the market lately, very "touchy". As say this because when oil is down and there is slight red in the futures they come up with how the economy is slow and all this pessimistic nonsense. When oil is up and there is slight green in the futures they come up with how the economy is improving and all this optimistic nonsense. My simple answer to your question is, take every article you read that has to do with the U.S. and even overseas with a grain of salt. The indexes are so dramatically inflated and overvalued (even BAC regardless if it's the most undervalued bank stock) we will see a pullback and I promise a load of headlines referring to a stock market collapse is on the horizon even though this market has been rallying for months and certain investors think it will keep climbing forever.
As you know, I do like to short however, I'm not just saying this as a bear, I'm saying this as a day trader who is looking at the big picture and not being blind as to what is really happening to the market. The ironic thing that I keep reminiscing about is how headlines, news stations, the "big" investors etc were babbling about how Brexit would never happen. Do you know what I did? I think you were on this board during that time so you may have seen my posts about shorting ahead of the polls. Instead of listening to the nonsense on tv and U.S. Index articles how everyone knew they weren't going to leave, I read an immense amount of blogs and chatting boards of opinions of the people who would actually be voting. From that I drew my own conclusion that it would happen and shorted my ENTIRE account 2 days prior to the polling date. I'm sure you know how I made out from that one.
Anyway, sorry for the rambling and getting off topic a bit but the principle of what I'm saying is that draw your own conclusion and don't let these articles persuade you as that is the only thing they are written for to begin with.
I'm telling you, some of the members on here that I've communicated with back and forth (as we've been doing) could really have some fun if we were a trade team. I've given it some thought at times too with all the traders I've talked to over the years on here. Hell I've had members say if they reached certain profits they'd fly down/up depending on where I am at the time and buy me a beer! I actually met one of my followers while they were on vacation in FL a couple years ago too. Pretty cool things can come from these boards.
Interesting that you mentioned that because I have noticed the same thing in BAC lately. I've had to play with different quantities to find the "sweet" spot as many orders are 5K shares or less so I too find it difficult to have limit orders filled with 10K + shares regardless of which MM route I push the trade through. Most of my blocks don't get filled until the tick drops or increases depending on which way I'm playing it. Depending on how much capital you play with to flip you could always trade a large enough block to catch the profit with a market order which I've done before. It is risky if the PPS is moving quickly or either side has minimal volume so you don't push it down or up with your order but if you can secure at least a .01 profit regardless of the tenth or hundredth deviance a market order would be profitable with a trade rate of 100%.
I covered 10 minutes after the bell. I play the swings, channels and gaps.
I flip my positions quickly. Big blocks at a time for quick profit. After my original post to short the PPS went from the mid 60's to the 20's within an hour. I don't care how ST and LT technicals look, I play daily. Anyone who follows my posts know that is how I trade. My apologies if you thought I was talking about a longer position.
I said the above to the other member who was asking about it as well.
I covered 10 minutes after the bell. I play the swings, channels and gaps.
I flip my positions quickly. Big blocks at a time for quick profit. After my original post to short the PPS went from the mid 60's to the 20's within an hour. I don't care how ST and LT technicals look, I play daily. Anyone who follows my posts know that is how I trade. My apologies if you thought I was talking about a longer position.
Yes of course more than a few thousand shares. I should've reiterated I am a day trader and play the swings and movement anywhere from a minute to a couple hours. Most of the time my trades are within 30min and on the rare occasion I'll hold a position overnight. My posts of my opinions/analysis are for immediate play not for ST or LT.
Thanks! I added that to my WL, I'll probably play it after a few days of watching the movement, thanks for the heads up on it. Shorted VRX last night and this morning and made a solid profit a few minutes ago. I even posted on the VRX board that it's a good time to short and to watch for the dip. One hour later it was .40 lower. Wish some people would listen.... Had two people private message me saying I'm full of shit and one public reply asking me why and was interested in hearing my response. Oh well! I made money and they could've too but they were too busy bashing me. Hope your morning is going well. I'm up a solid amount so far and will be playing BAC again today like a fiddle. Nice huge gap between LOD and HOD.
After reviewing afterhours and early premarket time and sales with cross referencing volume I came to the conclusion this would be dipping. I posted that while it was trading in the mid 26.60-26.70 range this morning. Current PPS 26.35-26.37 with a low of 26.25.
Looks like it'll be a nice dip here soon. Time to short :)
I'm back in positive already. Took a .01 loss earlier and made it back plus some already on the recent dip. The markets aren't caring about the economics apparently and are now focusing on Oil. Interesting how they move on either one based on a given day for no reason. Either way, that is why I normally don't hold positions overnight let alone over the weekend however it's easy to make the money back but it would've been added profit instead of recovering my money! All fun and games though. If you enjoy flipping check out Ford. Simple channel movement too however it seems to break channels more often than BAC but I've been playing it as well and did make a quick short and cover a little while ago for .03
Damn almost came out neutral. Shorted equivalent shares at 15, and covered at 14.96. Off by .01 to have come out even from my Friday short. Easy to make up the difference now at least.
Thanks for the positive comments. Looks like we are both well rounded when it comes to trading. My short of 14.90 from Friday isn't looking too great right now but the current PPS is 14.94-14.95 with very little volume so I have confidence in it at the moment so I'm holding for now. We'll see how it opens at the bell when real volume pulls in.
Thanks. Looking forward to covering with some nice profits tomorrow. Then of course play the volatility swings afterwards. I don't understand the point of holding an underwater position with so much activity going on. The market isn't stable enough for consecutive ST growth, there's better money in trading it.
In my opinion, holding a loss is just tied up funds you could be using to make your money back. At least that is the way I look at it. I don't know how many times I've taken a loss and made it back the same day. Most of the time I make it back plus more. Holding the loss position would've put me in either direction so why not take the loss to have a secured negative figure and use the same funds to make another trade and make it all back or make several trades and make it all back. I don't mean to criticize anyone; as each person has their own technique or styles of trading but from the many years I've been doing this, holding a loss doesn't get you any where just like money sitting in a bank act is dead money. Use money to make money. Holding a loss not only prevents you from using that money to make a profitable trade but it also has a psychological factor in it by holding a position that is constantly under water regardless if a day or a few days the position isn't as "underwater". Get out of it, take a loss, refresh yourself and you can focus on making that money back in a positive headspace.
Believe it or not, there is a lot of psychology in trading. Seeing negative positions in an account affects the way one trades that is why I believe to take my loss almost immediately. Holding red positions affect concentration of new positions. It all comes down to the simplistic colors of the market; hence why green markets are positive and red markets are negative. The brain interprets red as a very negative color and actually creates a negative headspace. If you have some time, read some psychology articles. I wish more people understood that trading is psychological. I think you'd find it interesting being that we've been chatting about emotions and how it affects ones trading abilities.
I know tomorrow will be a toss up but decided to build a short position at the bell and during AH. Too much mixed economics along with a push here during the last 10 min of the market Friday could see some red premarket regardless if the indexes are showing green. Along with that, premarket from Friday's session indicated BAC no longer runs parallel with USO with tick or volume, there is a lag between PPS even though it still somewhat replicates the trend. I believe even if the indexes are posing green and regardless if USO is up, during premarket BAC may be red. Too much probability for profit for me to have passed up holding a high short position for right under 14.90. If the markets are green I expect BAC to still see mid 80's tomorrow, if markets are red we will easily see the 70's.
Oh don't get me started on panic selling, LOL, the biggest mistake in all traders. I do have to admit it's hard to stomach watching a loss get larger and larger which has happened to us all at some point. Emotions can't be controlled when you're seeing your funds diminish before your eyes! That is why a workable technique is so important for each trader. Find what works for you and master it!
I agree with that which is why I stay up late to watch the beginning of the overseas markets and wake up early to understand the economic news before main premarket starts at 6AM. The more time one spends on research of the important factors of the day and week the more predictable things become.
I did buy almost at the low of premarket but sold at the small run up at the bell. I should've jumped back in when it hit the low 70's again but was focusing on another stock so I didn't. Either way, it did make a great run today. I don't believe it will hold this level though, there was too much of a push the last 10 min. I'm now in a short position of 14.897 avg. Let's see how it plays out on Monday.
That ran a lot higher than I expected and actually held. Bought in and sold earlier and now it looks like it's time to short again here. :)
Thanks, I appreciate the positive comments!
Just got my alert it hit 14.80. Took a bit longer than I expected but I was accurate on my prediction in premarket from the low 70's.
Sold at 14.77-14.78. Wasn't exactly what I expected but not bad. I'll see what it looks like later today. Shorts have taken it over.
United States Oil Fund just jumped from 10.21 to 10.29-10.30 in about 15 seconds. If BAC still follows USO's pattern there may be a run here at BAC at the bell being that the PPS is still sitting the same as to when USO was at 10.21. Bought in here at 14.74. Too much probability it'll jump to at least 14.80.
I am going to clarify this as there seems to be some quarreling going on about if it exists or not. Yes the trade exists and to be accurate it was for 2,853,000 shares at $25.0009 at 16:08. The trade was not an AH trade even though it appeared after 16:00. It was a late print but nevertheless it is still a trade as I'm sure many of you know what a late print is. There was also a break trade off the main block of 9,400. These large block orders are normally pinned in an algorithm so whether it is a good sign or bad sign can never be determined as we do not know the algorithm it originated from. Don't assume the PPS will go up based off of that one trade; it may have been executed based on negative probability.
I hope everyone makes money regardless of the way you're trading this but please be cautious. The worst thing you can do is enter a position based off of large block trades especially of one of this caliber.
If only everyone traded without emotions these stocks would move the way they should! The downside of that is that trading wouldn't be any fun if that was the case. Emotions add so much drama to stocks and their performance it's ridiculous. Along with their emotions you always have the weak hands who feed into it. I've been so tempted to write a book about emotional trading and how it affects investors and capital.
Dropped $3.50 PPS in AH. Should be a fun day tomorrow! I can never get enough of this companies PR's that cause such drastic and fast movement. Ready to play the swings once again here :)
I normally do not hold anything longer than 30 minutes. On the occasion I will hold overnight if I scoop shares in AH though. As for my intraday trading, if a trade goes bad after I short or buy, I normally get out and take my loss after .03 separation from entry point. Being that I play the channel I do not short or buy in between a channel as there is not enough room to ensure a profitable trade so I wait until it's at the top of the channel to short and/or bottom of the channel to buy. My losses only come from a greater deviation of .02 so the moment it breaks the channel and it ticks down or above .01 after the .02 movement from the channel I will get out and take my loss as that becomes an unknown trade and probability becomes greater of a larger loss.
I do want to mention that the manipulation in a single day does not change the trend; however, enough days of manipulation can change the emotions of the investors. With that said and what I strive to tell everyone that I teach, emotions are stronger than charts. Anyone who disagrees is hung up in the weeds with their position and normally ends up with a loss whether they are shorting or holding. Never solely depend on a chart. Technical analysis is the base line for opportunity but emotions run the game that is why I find channel trading the most secure technique. You just need the focus time and capital in order to take full advantage of it.
Yes the only way to successfully trade how I do is what I call focus trading. Pay no attention to any other stocks or numbers other than BAC. By doing that it is easy to see the channel. I started watching this around 2 or so today and caught the PPS channeling between 14.80-14.85 relatively quickly. I'm sure you all noticed (if you were staring at it), going from 14.80 to 14.83 then back down to 14.81 then up to 14.85, then back down to 14.80 then up to 14.84. Up and down repeatedly. It did drop below 14.80 a couple times and did tick above 14.85 a couple times which is the norm for this type of movement. Remember deviance from the channel is normally .02 in either direction which by the min charts it is spot on. 14.78 and 14.87.
Thank you for the nice remarks.