Hopewell's Journal

I should've reversed. Wasn't thinking.

 

TNA through yesterday's low. But SPY has a higher low than yesterday by $0.25.

 

I'm thinking the next 60-min buy on TNA might be ok. It would be a wide stop though. I've never traded off a 60-min chart before. Could be interesting. Could also be costly, lol.

<img src = "http://i1233.photobucket.com/albums/ff390/Hopewell3/111118tna1217.png">

 

Actually, the 60-min SPY might be a less risky trade, if going for the 60-min buy setup.

<img src = "http://i1233.photobucket.com/albums/ff390/Hopewell3/111118spy1221.png">

 

In at 122.08. Stop at 121.46.

Kind of a large stop, but holding for 123+.

 

I think the real target here would be yday's high at 124.40, but I don't think it will reach that today. I will probably exit today around 123-123.10, if it gets there.

 

Actually, if I view the 60-min SPY on an intraday basis, it shows a slightly different chart, because the bars are calculated on the half-hour (eg, 9:30 - 10:30). So looking at this chart, I think I can raise my stop to 121.79.

SPY pulling back alot now. Looks ugly. Let's see what happens. Perhaps this will be my first and last 60-min buy setup, lol.

<img src = "http://i1233.photobucket.com/albums/ff390/Hopewell3/111118spy159.png">

 

"Your goal s/b to lose money only on good trades."

--T3live.com free 30 day online course, lesson 21

[This will help you to not throw your money at every little trade that comes along, just to get yourself some action].

 

When the Dow falls through November's lows at 11630, I think it will fall hard and fast, perhaps 500 points or more. This won't happen in a day, but probably within a few days.

I'm thinking this will all happen before the end of November.

<img src = "http://i1233.photobucket.com/albums/ff390/Hopewell3/111119INDU1031.png">

 

I actually have a long bias this morning. Target on TZA to the downside of 32.00