Sep 28, 2022 : Calhoun says "Looking forward to trading these aggressively from here on out. Major crash finally imminent." Klueless Ken strikes again .
%% May work well on SQQQ, for monday/ back to main trend/uptrend for me. Took a smaller loss + larger profit on SPXS related [countertrend ]; + FXN trend profits earlier in the week
SOXS -3%, UVIX -10%, SQQQ - 2.5% Again, I'm unclear how "price action" compels anyone to buy any of these into today's open, never mind in size.
Decided to create a “Pilot” post that may turn into a series. It is about the adventures of Batman and Nine_Ender. Nine_Ender (NE) - “Batman, I deserve a spanking” Batman (BM) - “Spankings are earned”. NE - But I have been with you for years. BM - Simply participating, doing the exact same thing every day, is not enough. One must strive to better themselves every day. NE - What do I need to do? BM - You need to be able to see more of reality than you do. Let’s use an example from trading. You were critical of Ken AFTER a full trading day took place that went against his call. This is weak. If you were critical of Ken’s idea anytime over the weekend, you would deserve a nod of approval. Instead, you project low confidence in short term trading, among other things. BM - UVXY is a fine instrument for intraday trading, although SVXY’s higher price may be better for some traders. Looking at UVXY’s price action on Monday, 8-7-2023, on the 1-minute chart, there were a clear four “Trend/Trading Range” buys that easily returned 6 ATRs with almost no heat. I’ll loosely define intraday trend here as average price minus open. There were also four reversion to mean trades that reliably returned four ATR with little heat. Obviously one needs to adjust their levels according to price action. Note: I personally did not trade yesterday as I was traveling and have not traded UVXY. BM - To earn your spanking, review the mentioned chart until you find the entry and exit points for each possible trade mentioned. Depending on skill, stops can be set from two to four ATR from entry. Probability of profit is typically over 60%. BM - By the way, there are a lot of traders on this board who make a good living scalping, likely including Ken. NE - I’ll do it! NE - OK, I got it. BM - Are you ready for your spanking now? NE - Actually… Now I am the one who spanks! BM - Today I’ll scalp UVXY during RTH. I’ll post my results here.
Other than being on the wrong side of SVXY all three times, I did all right! The first SVXY trade (Long) was a mistake because I did not fully assess how negative the risk environment was at the time. Further, at time of entry, SVXY was below the open, against one of my cardinal rules regarding longs. Additionally, RTM trades are severely restricted before 1100. I noticed that beta adjusted NQ was outperforming ES prior to RTH open. This changed quickly after the open. I failed to notice better quality credit was greatly out performing lesser credit, further indication of a risk off day. Other risk based assets were also quite weak such as the Australian Dollar. I lost $.10 more than necessary because my trading platform was not updating properly after being awakened from sleep mode. The second SVXY trade was a reversion to mean scalp idea against a seemingly favorable longer timeframe. I usually bet against intraday reversals. I closed the trade because of unfavorable tick action. The third SVXY trade represented on more try to position myself for expected continuation weakness into the close after midday. Interestingly, probably due to strong volatility selling, there was divergent action between SPY and SVXY, where SVXY reached another high after SPY started its correction. SVXY ended up penetrating above its opening price. I noticed that SPY and ATM 0-day SPY options gave me actionable bullish signals while SVXY did not, according to my entry criteria, hence the RTM ideas. Based on my experience with SVXY today, it seems best used for bullish trade ideas over a variety of timeframes. I will continue to study SVXY price action versus SPY to see if SVXY might be a reliable leading indicator. Will do some scalping tomorrow likely covering more instruments during RTH and hopefully I’ll look a little more competent. At least I traded small.
As I always say Ken is a nice guy but positively the worst trader on the planet. A perma bear can never win and he bleeds a super bear till the bitter end .