SM where are you? We're fluid down. (Starting to reverse though) TZA +700bps EDZ +370bps at 11:06am Eastern
Sorry. Had to step out for 5 years. So do I make a new Journal or use the old one? Any of you guys who participated still around?
OK, my journal entry. Right now I am short oil through SCO. This is from Technical Analysis, but I am using a trailing stop. SCO has really helped me get through the last couple of days...every time I went long on something, I got stopped out. I keep telling myself not to go long in a down market, but keep doing it anyway. I'm journaling to stay disciplined. I bought some SDS to hedge my long positions, that I'm now stopped out on. I'm going to keep the SDS, but I am keeping a trailing stop on that too. What was I long on? GPRO and DIS. I like them, but both need to regroup a little bit...I think they'll do well once this downdraft is over.
Eh...changed my mind. I went ahead and sold the SDS. It's not hedging anything and it's as high above its MA as it usually goes. Also sometimes looks like a doji. So maybe this means a turn around is in the works. Rather lock in a small profit. I don't see oil rising until there is a real change in sentiment for the stock market or someone says they are limiting distribution.
Hmm...seems to be working out. Tightened my stop on SCO. If you're a day trader and you read this, take a look at NKE. It could jump to the upside today like it did about 20 days ago. As a swing trader, I need to wait for confirmation on it. Since I'm a swing trader, I'm also wary of a bull trap today. I think the markets need to move a little lower before they go higher, but we need a nice dead cat bounce. Looks like today should be one based on morning action.