The news and data are telling you one thing. But the charts are saying something else. After a bounce off that key 12250 mark, the index has now built what appears to be a strong bullish flag consolidation pattern.
Yep! Just tested it 30 seconds ago and bounced right off! Nice 16 pt long in my account on a few cars. I was also short at the same time on a range breakdown. CajunSniper / Puretick.com Administrator-Trader
Thanks it worked quite nicely. Yep thats called a hedge. In order to play swings on the same market with scalps, you need to have two accounts though. So you end up making money on the break down swing then on the shorter retracement play in the other account. It's wonderful. I did take a -1 trade today but the other trades were all profitable. The fudge up was my own fault though. CajunSniper / Puretick.com Administrator-Trader
I see your range breakout strategy ended up making a heavy loss in March. Nevermind, chin up! April is a new month!!
Actually it took $-840 for MARCH if you played every single day. Would I call that heavy? Well not really since I know traders who blow that in a day. We have users not trade it on FOMC and options expiration day as it usually stops out on those days. This is in our rules and part of the script but we have every day listed in the record. Worst case scenario. $390 would of been the total gain for march. Which still sucks pretty hard. Looking forward to April.
What are the benefits of being long and short same financial instrument at the same time? This is how I see it: For instance you are long 10 contracts. At resistance level youâd like to hedge yourself and short 5 contracts (instead of just covering 5 in your original account). Now you wasted your money on 15 contracts, have to pay more commissions on 5 more contracts. Benefits: At the end of the day you have at least one profitable account or trade that could be shown to some inquiring minds.
Lets assume you are not scalping both trades. If I have a swing trade setup on that could take hours to unfold but I see a quick pivot bounce I may wish to grab 10 ticks on. I'll put it on in my second account. Weather the trade happens to be short or long. I guess you *could* just modify the contracts of the trade setup your currently in but I like to keep my trade setups in seperate places so it does not get confusing. It's also good to have another account incase one of your brokers goes down and you need to hedge a position. Reporting only good trades? hehe lol.. Unfortunately that is a luxry we dont have (unlike some trading services). People monitor our calls with a maganifing glass. Most users are there watching the calls and check the record every night. As you see from our track record http://www.puretick.com/trkrecord.html we gotta post those losses too Caj