Thanks, Tailz, I really appreciate your effort. I am thinking myself that if SLV can burn thru $34, it has a good chance by measured move to hit $38--that's close to your EW projected top. That is some serious moola if using some leverage ( cheap, Dec. calls, for instance). (But Dec might not be enough time...can always roll over to Jan later...)
Options.... great fun if you can get a tight bid / ask and avoid the last couple days of time decay. The event horizon for me always seemed to be around Wed. of exp week, in a past life, when I still traded the thingz. But talk about leverage.... out of money two week to expiration, if you guess right it can be nearly 10x r/r
No kidding. Most traders would think it is insane but if the timing and directional bias are correct, and a cheap, slightly OTM gets ITM, time decay no longer matters much if it is ITM. A couple weeks ago I made about +80% on a small position of weekly FB calls--if I had held them to the end of the week: +900%.
Mild update on IMH: I closed it out for a couple hundred bux profit yesterday, and wouldn't you know - today it would have been worth 800+ :eek: Riding a tail is harder than it looks. I always sell to get out of the "hot seat" so I don't have to sit and watch it all day. I think it's finally time to work on automating the exits. Now I'm waiting to see what it does next.
Tailz, have you tried to figure out a way to short the mkt with EW? i notice it looks like you always go long they say, "it falls 3X faster than it climbs" (ca-ching, ca-ching!) Bry
Long, intermediate & short term trends have been up, hence longs mostly. When the time comes (as it did briefly, last week) I use FAZ or SPXS.
I have watch PWER off and on for maybe 6 months now. Strong fundamentals. AMD could be bottoming now. Any EW thoughts?
Yes PWER is getting bought by insiders every time it gets near the triple bottom. AMD had a good pop, but no wave 3 yet. I did see it on the scanner today and it was moving in gaps on the hourly.... who knows. Total profit for the week: $192 booked, $15 open. One trade, one win (bot 500 PWER @ 4.12 today). The big lezzon was that when an ABC12/3rd setup launches, it goes for a few days. I keep selling my winners in about 24 hours after buying. I can't stand the chance that my small profits could turn into losses. My ~$350 net profits since going live, 5 weeks ago could have been $1200+ if I had just trusted the third wave and waited until seeing a double top and / or moving average crossover to lock them in. The more often I see these tails keep going without me, the more likely I am to stop selling so early.