Oops -- guess 3rd time's a charm for the Bears! Definitely does not bode well that the RUT all but ignored today's surge in the Dow. Granted, the Dow didn't quite get there, but it made an impressive (if not frustrating for those of us who just want to get it over with already!) effort! I certainly did NOT see that former RTL coming back into play -- D'Oh! Can't get 'em all right! What a first week of 2017 -- geez...and so the sideways continues. I'm overall neutral on the RUT, but I'll tell ya, the evidence, IMHO, is not lining up in favor of the Bulls... Hope everyone had a GREAT 1st week of 2017 -- it sure feels GREAT to be back and more active here! Enjoy your weekend everyone!
@Baggi have you thought about using TradeKing? I really do not use them for any analytics -- but you can get all that for free these days -- and their mobile app can be a little werid -- but I'm not a big mobile app trader. That said, comparing TK ($4.95 Base + $0.65 per contract)...to...TW ($1 per contract + $0.10 clearing fee per contract)...the math is pretty simple. 100x contracts @ TK = $69.95 vs. 100x contracts @ TW = $110 Just something I thought I'd throw out there.
It depends on how you trade. I don't trade in 100 contract lots. Infrared, usually, in 1 or 2 lots. So, if I trade 1 with trade king and 1 with tasty works, it's $5.60 vs $1.00. If I do this 100 times, it's $560 vs $100. Big difference. Also, what does Trade King charge to close the position? For tasty works it's zero.
I don't know how "I trade" turned into "Infrared". Weird. But I meant to say, "I trade, usually, in 1 or 2 lots"
A few observations. First, notice the chart attached in the above quote. There are 4 touches to the trend line. Now, look at this zoomed in chart that includes last nights action and today's action on the hourly chart. I put my stop at the pink arrow, below yesterdays low (Also notice yesterdays low had the highest amount of volume). Now look what happened today. It hits the trend line. Immediately reverses and goes all the way down, at the open, to 2258 (or a tic off of it). This is clearing out all the stops. I used to put in tight stops and get cleaned out like this all the time. Pissed me off! This time I risked more to make more. And I made $575 today per future contract. I didn't get out at the top, but pretty close to it. And at first I regretted getting out because I got out when we were around +9.50 or so for the day. And almost immediately afterward we went to around +11.00 and I thought we'd trend up for the rest of the day. But instead, look what happened. Now I have a better reentry point. What is a good reentry point? I'm looking for the previous resistance line to become support. So if we get as low as the old resistance line, I'll enter long again and put my stop below today's low. It'll be around 8 points of risk.
so im still in LABU, was thinking real hard about getting out today, but i decided ill stay in and see how it performs next week, my initial target is the previous high.
