10:03am: Short 250 shares TNA at 39.05, covered all at 38.95. Gain $22.72. Got what I believe is the last of this particular move down. On a larger scale, I think price will sink down to test yesterday's lows $38.45 area.
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10:09 Price kept dropping for another 15 cents and is now inching up. The primary direction of the day is still down and that needs respect until one gets highly trustworthy indications to the contrary.
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10:20 Price dropping nicely albeit without me still in; now at 38.50. Trading is about trusting what you know... eventually I will. Until I do, I'll be scalping pennies off moves I believe, and actually do occur with an acceptable rate of success.
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10:22 Long at 38.50, 250 shares TNA
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11:49 Much has happened in TNA since I went long. And I held my small trade without adding anything to it, a suckers play here. TNA touched its late February bottom price and is up slightly; very high volume in the 11:15am candle. I am making a prediction here... If TNA and the markets in general don't break down substantially from here today, we have put in a bottom of this particular trend down from the April 11 market high. The charts look very favorable for a move back up from here. That's why I'm sitting on this 250 share long trade. If it goes green, I will consider adding to it. I might even be able to convince myself to keep it for a swing trade; I'm that confident of a move in the general markets back up into the consolidation area formed on SPY between $154 area and the $157 area.
Of course, if support breaks, then it is a big move down to follow in TNA because we are right at the important support of $37.
At this time, TNA is roughly 17% down from its most recent highs of $44.73.
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2:40pm: Held TNA and used its inverse, TZA, as a hedge in case TNA decided to dive below support. TNA stayed positive and I Lost $73.62 total for three different insurance trades.
Later shorted TZA to take advantage of the climbing market between 1:35pm and 1:45pm. Short 250 sh TZA at 42.23 and covered all 41.83. Gain $97.60
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TNA popped really well into the 3:15 candle so I exited at the top of that candle. Exit all TNA at 38.59, gain $20.20.
Promptly shorted on that big run-up... Shorted 250 sh TNA at 38.60 and covered all 3 mins later at $38.47 for $29.43 gain.
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3:40pm: Absolutely should have held that last TNA short; has dropped to $38.13 thus far. Left up to 34 cents on the table ($85).
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3:49pm: TNA spiked to 38.47 so I shorted it right there at $38.46 in hopes of it dropping back away from S/R to the mean. It simply hung there into the 3:50 candle, so I covered even (Gain $5.15). From there it moved up a little to 38.53 and basically stayed at S/R into the close.
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Once again, a day of acceptable reads but lackluster execution. A lot of opportunity left behind and a lot of work for a $101.49 total today. If there is anything good about these days, it is that i pay very close attention and learn a lot more than when I am performing well.
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