Who knows. The point is, I don't see the channel he's referring to. I took these green lines off in the previous post, but this is all I see.
Well I am still stuck with 8.47 FAZ long. I still think the position is ok, I didn't expect the market to go up as high as it did, but I think it will go down enough for me to at least break even, which would be the same as me closing my position, and opening a new position to make the money back. When I fail to stick to my guns is when I loose money, even in those cases cited earlier about loosing money because of PDT rules, I still would be further ahead today if I held those positions a little longer. When FAS went into the pits while I was holding long, I still came out ahead, so I really need to practice restraint on my exits more. Again it would be very different if I could PDT, life is different on the market when you can enter and close positions quickly to stop losses and reenter quickly at better positions. So I am holding and it will come back, unless the market is in a mid term uptrend now which I don't suspect, I suspect this is a bump like all the rest since March 6th.
I'm still undecided, been sitting on the sidelines since before the FED ann. But I'm seeing HH, so maybe FAS. The naext half hour or so may give a direction. Tough to say with such low midday/overall volume.....
the tough part is, once you are alreayd down here, you are already holding it at that low price, its just like getting in at any position, you don't know whether its good or bad until it moves. If I look at it like. Hey I have FAZ long 7.75 at this very moment, then things aren't so bad, so that when things move up, you make back in profits your initial losses and hopefully break even or better. Leaving the position now, only to watch the price go up would make me explode like Hades does on the Disney version of Hercules. hehe
Have some faith fellas. Its not a matter of "if", but when it will move up within the next couple days. I'm talking about a short-term play here...of course. Update: I think the profit taking has started. Inverse funds will climb from here...probably the rest of the day and maybe into tomorrow. SM
ok so its gone up to 8.10 now, should I get out and see which way its going and maybe get a better price or should I hold and expect it to continue gaining ground? Decisions decisions.
either way, break even price for me is around .09 gain a share for this position, so unless the price falls MORE than .10, the price isn't any better it's actually worse. I need a gain of .10 just to make literally 1 or 2 dollars, after that each penny is worth more, but still unless I make .25 cent gain, its really not worth risking leaving the position hoping for better. It's one of the reasons why I need to learn to hold longer, ESPECIALLY for example when holding for 3 days nearly gaurantees a return, but getting out NOW incurs a loss. I held on when FAS @ 8.06 when it tanked down below 7, and I came back into the black and could have even profitted a crap ton more than I have right now if I held it until today and reversed my position today. Always hindsight is 20/20, I am just glad that I am learning from these mistakes before they cost many thousands or tens of thousands of dollars.