At the time this was written, the [[SMN]] position was up approximately 4%. The spreadsheet has been updated with yesterday’s purchase price of $71.02 As I had hoped, SMN gapped down hard, and the system bought the gap down. The trade was in the green for almost the whole day yesterday, and that is what I mean when I say that these diETFs can be traded with a tight stop, as long as you are on the right side of the trade from the very beginning. At one point yesterday, the trade was in the money by 10 points.
The RealRisk and stop levels have been left unchanged in the spreadsheet to show the effect of the gap down. The RealRisk shows that SMN gapped down over 5% past our projected stop. Remember, this is a good thing, unless you had set your stop the night before. If you did, I do not think the position would trigger. The 4% stop, based on the entry, is set at $68.18
In my own account, I bought SMN on the open, and received a fill of $70.81. This price shows slippage in my favor by .21 better than the listed open.
I had to go out of town Thursday evening, and was not able to update the blog, but there were no new entry signals for this system for Friday. I’ll run the scan after Friday’s close and update the blog if there are any new entry signals for Monday.
Good trading today, and have a good weekend.
In SMN at $70.78 no stops…
I’m using just over a 1ATR stop.
Wood, system’s been working great, unless I’m hallucinating or something, I thought I remember reading a comment that you said something about several ETFs are setting up to trigger on Monday?
I can’t find the comment with my several tabs open, so can you confirm what you’re seeing for me, and if so, it’s several Inverse etfs, right?
Yes, if we can get a close with Dow 100+ and Nasdaq 15+, there should be multiple signals on the diETFs for Monday.
I should be clear though, those signals are for other strategies, not the Big Bamboo. I’m not familiar enough with BB yet to be able to say before the close whether there will be more signals.
ah, ok thanks