I like this thought process. While more easily said than done, my thought is catching the big one should be the main priority. While I’ve had a few transactions to gain a few FAZ shares and left them in there, I’ve basically been “long” FAZ for a while now and not jumping in and out too much. I know there is risk that the bulls gain traction or even the shares themselves degrading due to the nature of inverse levered EFT’s, but to me that is minuscule compared to the opportunity. I’m just scared that if I make the wrong move, I could miss the big one!
He was the guy who taught myself and this guy, http://people.forbes.com/profile/frank-e-holmes/81808 how to trade. The other guy sucked up all his knowledge and is one of the most powerful guys in America, while giving NO CREDIT at all to our teacher. Me, I became a tennis bum. Both of us ultimately disappointing our teacher, but at least I gave him tons of credit.
We had a high this morning between 6am and 7am of 1124.75 on the ES… which is an indication to me that they plan on going higher at some point. It doesn’t mean today of course, but considering how close that level is I’d say within a few days it should be hit.
The 111.38 level is another FP guys, and the last 2 this week have been hit on the day they were given. If we rally all morning, then the print will likely be hit in the afternoon, close to the end of the day. But, I suspect it will be hit before noon today and then the charts will realign for another move higher into the close, instead of down.
To match the 1124.75 ES this morning, the SPY should hit 113.11
I like this thought process. While more easily said than done, my thought is catching the big one should be the main priority. While I’ve had a few transactions to gain a few FAZ shares and left them in there, I’ve basically been “long” FAZ for a while now and not jumping in and out too much. I know there is risk that the bulls gain traction or even the shares themselves degrading due to the nature of inverse levered EFT’s, but to me that is minuscule compared to the opportunity. I’m just scared that if I make the wrong move, I could miss the big one!
We were close… hitting 111.58 spy (only 20 cents away).
Wow Red, you interpret those prints as well or better than anyone. Almost bang on. congrats, I was out for a meeting missed it, as per usual. Lol.
I’m expecting a move down to 111.38 SPY at some point this morning. Quote unquote.
Thx Simon…
Wow… I would love to be taught how to trade by an expert like that. Very lucky you met him and that he trained you and Frank Holmes.
He was the guy who taught myself and this guy, http://people.forbes.com/profile/frank-e-holmes/81808 how to trade. The other guy sucked up all his knowledge and is one of the most powerful guys in America, while giving NO CREDIT at all to our teacher. Me, I became a tennis bum. Both of us ultimately disappointing our teacher, but at least I gave him tons of credit.
We had a high this morning between 6am and 7am of 1124.75 on the ES… which is an indication to me that they plan on going higher at some point. It doesn’t mean today of course, but considering how close that level is I’d say within a few days it should be hit.
The 111.38 level is another FP guys, and the last 2 this week have been hit on the day they were given. If we rally all morning, then the print will likely be hit in the afternoon, close to the end of the day. But, I suspect it will be hit before noon today and then the charts will realign for another move higher into the close, instead of down.
Hmmm….
Interesting idea. I never thought about that.