Once again, out far too early. Shorted 500 TNA at $49.72 per share at 10:04 am. Exited fourteen minutes later at $49.56. The final low price of that move was $49.10; Sixty-two cents. I took only 16 cents.
I had four other trades that really didn't do much; two winners under $13 and two losers under $11.
This blog is somewhat unorganized and I don't have any strategy synopsis in one post. It has evolved as I have become more familiar with technical analysis and with momentum analysis. What you read at the start of my blog barely resembles what I do now.
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What I do is read price and volume with the help of the 7 and 17 EMA's. I also use pivot points on my charts. For charts, I trade a five minute chart of the stock/ETF I am playing and use a 15 minute chart of it as an aide. Further, I keep a close eye on the two major indices through 5 minute charts of the QQQ and the SPY. On the SPY, I also use a 15 minute chart as an aide.
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Over time, I have come to recognize price levels are where my efforts at reading charts are best focused. i don't rely on trend lines, triangles, shapes and patterns like pennants or flags, or Japanese candlestick interpretations other than dojis.
I do use a 14,3,3 slow stochastic as an aide on long term historical charts, which I use for longer term investments/retirement accounts; don't use it on daily charts.
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I find my chart reading and momentum skills are good, perhaps better than good (at the risk of tending toward puffing myself up more than I deserve). But trading is not the same as chart reading, as you can see from my results on the blog. I struggle greatly with the mental side of trading. It surely is my achilles heal. It is ridiculous when I think about it reasonably and intellectually. It is very real as I sit at the screens.
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I use IB as a broker and it is rare when shares of TNA or TZA are not available to short. Not sure why you are having difficulties with that, Rob.