Based on price action, I’ve a feeling that many people have their finger on the “profit-taking” button ready to press. It’s almost like everyone is waiting to see what everyone is doing. All it takes is a fund manager to push the panic “profit-taking” button to begin the slide.
I’m currently shorting SPY and AAPL on a day trade and long TZA on my swing trade. I may get my wish of getting some profit by end-of-day if some fund manager can just press the button and get it over with.
My bet is that by end of day, we will have a bearish engulfment bar on the SPY chart today. This will mean a possible continuation of a correction that began yesterday.
No chart display today ’cause I’m busy watching my day trade position.
Good Hunting!
Market close Update:
Now that the day is over, my wish for bearish engulfment for the daily SPY bar for today is granted! Seeing the possibility of a bearish engulfment bar , I committed additional fund to short the market (before market close) for the possibility of the continuation of down trend tomorrow.
Below is the daily SPY chart. This is a bearish engulfment of a previous down bar! What does that mean? A higher probability of continuation? Who know. We will find out tomorrow.
Current position:
9.6% LT-equity
12.8% TZA & SKF (shorting)
77.6% cash
Good Hunting!
If you enjoy the content at iBankCoin, please follow us on Twitter
Finally, somebody pushed the Thank You! Somebody finally pushed the profit-taking button! And so did I on my day trade!
Not bad for the day.
I added to my TZA and bought back SKF for tomorrow continuation pattern.
Current short position is 13% of my portfolio using TZA and SKF.
Good Hunting!
Trading Journal:
Took profit on TZA and SKF.
Will see how the day develop before jumping back in if at all.
Bought back starter position on TZA based on Fractal Buy.