I've been busy this morning with TNA and TZA, my favorite trading vehicles. Five trades and a gain thus far of $53.31. Three Gains $37.80, $45.10, $74.96. One loss of $104.50. One breakeven.
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Price dipped at the open and then rallied into the 9:45am candle. I went long on that ride up and got caught as it fell steeply into 10:00am... that was the $104.50 loss. The breakeven was a TZA trade that I used as a hedge. Gains were a long as the rally from the 10:00am bottom up to the 38.70 area, then a short at the top of the 10:55am. I am particularly disappointed in my execution on that one as I got out far too early after a perfect entry at a textbook reversal point; that move down is still in the works as I write this at 11:30am.
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Still shopping for high probability entries.
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11:55am: I had to step away from the computer for 20-25 mins and missed the downtrend that is still testing its lows. Darn...
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Yesterday I thought a recovery and move up was in the bag, so to speak. However, my prediction must wait... the S & P is struggling to stay above its 50 day moving average., just completing its 4th try at breaking down in the past two days. The most recent one 15 mins ago was a higher low so that is a bullish sign (for now). Up or down, I only try to"Rent" stocks now, I don't "Own" them in the traditional sense.
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12:45pm A lot of long lower wicks on the TNA 15 min chart... traders are buying the dips. A move up seems highly likely.
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1:42pm Family member stopped in unexpectedly and took me away from the computer for nearly an hour. Just sitting back down now to get my bearings. To this point it appears that 38.00 is TNA's center point of consolidation since late morning yesterday and around which it is coiling presently.
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1:53pm QQQ's are threatening their recent lows from April 5th. If they break, it might drag everything else down, depending on relative weakness. TNA has broken down below todays lower trend line, but hanging just below it.
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2:00pm Two o'clock time frame, a part of the day when markets often make trade-able moves. TNA sitting on a S/R line and just made doji for the 1:55 candle.
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3:16 I sat patiently and watched TNA drop and drop, measuring it to see when momo had stopped; feeling for the end of the drop. (Hotshot trader that I am not, I wasn't in it as it dropped) Then it felt right and I went long 250 shares of TNA $37.22 at 2:58. It retested my mettle in the next two candles as it came down and tested the low tick. I was in 4 cents from the bottom. And I sat on it and waited for it to rise. And rise it did, ending at $37 62. I exited a bit before that however; $37.48 at 3:15pm. Gain $62.98
Fairly well executed and I don't mind patting myself on the back because I frequently deride my performance, especially lately. I was definitely in a zone on this one start to exit. Truly, I'm not sure I've ever been that focused in the years I've been trying to learn this art. I took the first half of the eventual move up into the close, but I got nearly all of the first leg before the 3:15 - 3:20 pullback. I was mentally tired and had to visit the bathroom (TMI ?) so I disengaged for the second leg of the move up to 37.75. No matter, with yesterday and today I've recovered my loss from Monday plus $33.
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