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I am wondering how you set up CCI 14-1 Histogram and CCI 6-1 in same indicator pane?
TIA
Farooq
gloe,
What moving averages you use and what program you use for charts?
TIA for sharing.
Farooq
I saw that you are using Quote tracker; would you please share indictor set up or snap shot. Thanks again for your generosity.
Gleno34,
I think to see where price support was we need to draw the line on hourly before the current break started. JMHOP.
Good work.
Farooq
Stock-trace,
You might see 42.10 tomorrow. If 42.34 taken out we will go to 42.95 and that will be ouch for my shorts although I hope my stops will take care of that lot earlier.
Today close is going to give us clue that what other participants are thinking. I am hoping for close below 41.90 at this time 41.98 is resistance which is slopping down ward 5 cents for every 45 minutes
Farooq.
POKERSAM
I think it is started but confirmation is 40.90 breaks. Which is trend line of lower channel for this move. I am short with stops.
Good luck to all.
Farooq
I read Capt. J comments after posting it, I 100 % agree with that, Hourly trend broken @ 42.34 which now will act as resistance.
W@G2 QQQQ 10/18/06 for a 10/20/06 close
42.96 DrWorm - new 5 cent in-the-money rule lol
41.20 frenchee
41.10 Farooq
I appreciate your hard work.
I will try with Amibroker or some one can run on Tradestation back test. From 05/11 your figures do not match with 2SMA on daily chart signal, it is showing negative results when It should be showing positive or may be I am missing some thing. On other short dates when there should be profit it is showing losses e.g. 6/6 to 6/13 period.
I do think it does need some other indicator or stop losses other wise it will drain one’s mind. CCI 48 on 15 min will give better results.
Farooq
I think you data input is wrong because from May to October it should show 20 % increase check again. Trend following system do better in trend. JMHOP. Just eye balling the daily chart.
Farooq
CCI hourly almost follow this it is similar to 3day daily SMA.
2X-Be-Me,
Very well could be. I am still waiting with short. No volume on QQQQ that shows we are near the end so small positions are warranted. This is a non-margin position but I would like to close it today. As long we are closing above 3 SMA on daily chart I am not carrying a trade on over night.
Farooq
Short from 42.52 target 42.37 stop 42.65
Farooq
42.37 is 3 SMA we need to take out this first before we can start a down ward move.
Keep it simple you make money, always try to do a spread in options that I have learned. Margin requirement on this thing will be too high if you do it naked. Check out margin, learning only help if you can do it other wise it is waste of time. You can buy any thing in life except time, Use it wisely.
Farooq
You do not make money on your 1275 Puts if SPX stays above 1275 you only keep credit, between 1275 and 1225 you make money. What is margin requirement and how you hedge if crash happen? It is very risky strategy IMOP.
Farooq
You are supposed to switch today for November. Are you switching and to what strike price?
Farooq
Sold longs of the morning, now waiting to sell short, Will short @ re-test of 42.22 stop 42.35 targets 41.90.
Farooq
No short, I want to use margin but I am not 100% so I am buying November 41 Puts starting today. I will wait till we hit Dow 12000 or trend change, no need to stand in front of fright train. May be go long again @ 41.90
Covered @ 41.30 I went out but order was left, filled on news. Now looking to short again but will wait.
Farooq
Coverd short @ 41.56.
Farooq
Short again 41.69 now stop @41.80 target 41.30.
2X-Be-Me,
Sorry for late reply, I had a dinner meeting in Washington DC so I left early and could not answered in time yesterday. Un till we are closing above 41.25 possibility will be remain there. This price weakness is fundamental change, which I do not see there.
In market we are fully invested bears. How market will come down if there is no seller and for every seller there are 2 buyers. I think having bearish views we lost some great opportunity to make money. Now we all are stubborn that market should come down we will not change, but market will keep doing what it does best, it reflect the sentiment of majority participant and so far they are bullish. Mixing TA with FA does not work. Trader is looking from hours to few days. FA is looking few months to decades. How many of us here holding a position for 2 –3 decades? Problem is we go in a position for immediate reward but when it goes against us instead of taking loss we say ok it is temporary and it will come back when it does not we start giving it more time and in the end we lose it all, like we are losing in those puts. So lesson I learned is use a stop loss so I do not have to second judge myself
Farooq
I am short now from 41.75 stop 41.85 target 41.60.
Thanks.
pinkster,
Thank you, I am a free rider here so I do not post all my trades here. When I post I want to post till I close the trade. I am long again and looking for 41.60 in @ 41.45 and now trailing stop @ 41.50. Do your own D/D.
Farooq
Out on stop. Tight stop.
Out @ 41.48 Now flat.
Farooq
pinkster,
Covered my short and now long from 41.35 and 41.33 is now stop. 41.47 is target.
I have noticed it, thanks.
Farooq
gloe,
Thank you for sharing. I appreciate your work.
Farooq
Be,
Thank you for kind words, I am not predicting 42.20, in my view chances will increase if 41.90 are taken out tomorrow. I am short and I definitely not even hoping for that direction. When I initiate a trade I like to consider worst-case scenario first. I also want others to consider what is on the other side if I am wrong, and yes I was wrong many times and I will be in future too, Look at my 39 Puts.
One thing is clear if North Korea test is dummy test like India then patriotic premium can disappear soon. This notion is coming from White House press briefing.
Farooq
(James Defense review weekly London based publication has opinion that India's test was not a true nuclear test because it was not recorded any where in the world.)
We are heading towards 40.80 but we will try 41.90 again tomorrow, 42.20 could be then intra day top, closing below 41.25 today will make it difficult to reach 41.90, My current low target is 40.05 for current OE.
On my short now I am using trailing stops to protect profit.
Good luck to all.
Farooq
Selling my longs here and going short @ 41.68 stop 41.80 target 41.35. I am still long my 39 Puts which seems to have no future.
Do your own D/D, JMHOP.
Farooq
This trade is on hunch no solid technical.
Pokersam, Are you exiting from your puts on coming Friday?
No, "Martin Zweig, editor of the Zweig Forecast, author of Winning on Wall Street and chairman of Zweig Funds. Zweig is now out of the newsletter business and has sold his fund company. In fact, he may be best known today for owning the most expensive apartment in Manhattan, a $70 million triplex penthouse on top of the Pierre Hotel on Central Park at Fifth Avenue. " according to Forbes
http://www.forbes.com/investmentnewsletters/2005/06/10/martin-zweig-stocks-investing-cz_mr_0609gurup...
Farooq
Marty was the only exception and ultimately he went in to managing money so did Ed-Sykota. Those who are good they just make money, some are good in giving advice they just give advice.
Farooq
Nirvana,
Never add to a losing position, my stop is 41.60 so I will stay with it and take profit when it comes, I am short 2k which is 20% of my intended target. Up till now I was long puts and long shares which is basically a neutral position but it worked out well.
Thank you for sharing your view.
Farooq
Cruzship,
I just woke up and started to do my homework for today’s trading when I read your reply. Thank you for your input. My targets are probabilities and chances of achieving a price, they are not lines in the sand, many things influence markets and it is still not complete science other wise a person with a billion dollars will never lose. Every one knows recession is coming but no body is ready to discount it 12 months in advance, because of Iraq war extra spending is shot in the arm so we keep on moving. I was correct few times I was just lucky I could be wrong also. I went long against my puts so I was able to win some; a better play was staying long but odds as I thought at that time was slim and on this board every one was bearish, which did influenced my trading little bit. It is not important in this game to be right on our view but important thing is making money, so I congratulate you on great performance, keep doing it. I have decided to take profit on short if it comes and then look for other resistance areas. My conviction to bearish camp is 70% at this time. I am short from 41.26 and my stop is 41.60.
Good luck to all.
Farooq
Pokersam,
All other boards were right and we were wrong in our trading short term, that is a sad truth, so other boards cannot be good contrarians indicators. Good luck.
I shorted some shares near the close, because I thought this move needs to be retested, but after running my program tonight it is giving me a 47 % chance that we might go actually up to 41.90 before retracing the up move.
Here is a question for the board; will you cover short position if you have a profit in the morning and re short when it reached to new level of resistance or just stay with your short?
2- Will you buy November puts for new position or October? I am thinking to buy some 41 Puts tomorrow if we reach to 41.90
I would have been very comfortable if we had touched the 41.50, I do think we can reach to 39.03 levels before this month option expiration.
Farooq
I shorted some shares near the close, because I thought this move needs to be retested, but after running my program tonight it is giving me a 47 % chance that we might go actually up to 41.90 before retracing the up move.
Here is a question for the board; will you cover short position if you have a profit in the morning and re short when it reached to new level of resistance or just stay with your short?
2- Will you buy November puts for new position or October? I am thinking to buy some 41 Puts tomorrow if we reach to 41.90
I would have been very comfortable if we had touched the 41.50, I do think we can reach to 39.03 levels before this month option expiration.
Farooq
Pokersam,
All other boards were right and we were wrong in our trading short term, that is a sad truth, so other boards cannot be good contrarians indicators. Good luck.
Take it easy pokersam, I just shorted some shares, we are going to win this.
Farooq
"You are a bear who has no position to win, actually no position at all, Now you are just empty bear. Haha. Put some money before you claim to be a bear. You have lost last bet.
Farooq"
There was nothing offensive to delete this message.
Here is link for RIMM options for today trade
http://www.cboe.com/DelayedQuote/SimpleQuote.aspx
Total volume is 964;and you sold 1818, Are you paper trading?
On RUP JC you are seller of 80% open interest is that correct?
I am just curious.
As per my understanding individual are allowed to carry 500 options on index and 250 on individual stocks and you sold 1333 on QQQ JN.
Farooq
If you add 15 cents stop loss on either side it will work better.
Less whipsaw. Off course once position is profitable stops can be moved up to protect gains. JMHOP
Farooq
Selling my longs here @ 40.44, no reason just want to take profit no short, want to go out and play.
Farooq
I think pattern is suggesting for 41.10 but it would fail around 40.70. Just thinking loud, I was wrong many times and will be in future also, I am still long shares and long my 39 puts. It is working out better; I can use maximum margin and sleep well.
Farooq
JL,
Do you use stops? Where you will stop if it does not work out your way? Good luck.
Farooq
JL,
Good trading, Covered my short QQQQ @ 40.16, will short @ 40.37 stop @ 40.70.
Still short enough puts on 39 strike.
Be care full out there, its jungle out there. Good luck to all.
I am late to put my wager but we can go and close on 10/04 @ 40.68.
Farooq
Market look tired now, October 5th is last day to climb over and reach 41.51 that was supposed to be reach today. What it tells me that in last three days there were more sellers then buyers so we might see light at the end of tunnel soon. JMHOP.
Farooq
Toady's magic number is 40.36 if we close below it then trend has been changed, we are not going down because a big cushion of puts is there. Today so far total of 46500 puts (39,40,41) have been traded for 9700 (39,40,41) calls. Tomorrow there can be another attempt on 41 and then we will come down to 40.15 there is 15 % chance we can reach on lower level today. There is strong buying in 40.40 areas.
JMHOP
Farooq