With a small .01 spreads, huge volumes and large daily trading ranges , I find that trading the ETFs like TNA, FAZ, FAS, ERX and others provide everything that an active momo trader needs.
TNA today provided some tasty profits from clear signals with no hijinks. By the time I rolled in an hour after the open, TNA was making new highs but I could see that the strength of the move was waning. Then the Nasdaq test codes ZWZZT appeared on the new highs list first $2020 then the new lows $5. Sometimes this is a precursor to a big move. Possibly Nasdaq sees the orders lining up and want to test their operating system. Whatever the reason is, the markets fell. Watch for it and see for yourself.
First chart is TNA short entry
Second chart is cover and profit taking and went long
Sold the bounce and short again
Cover and profit taking
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3 comments:
Heya - thanks for sharing this today.
I found myself tired today - and trading in TNA. Comparing my poor choice of entries to yours (actually I had some overlap) I think it is pretty evident that I see too much - too many signals - that aren't really signals at all.
I would describe this as a tension between not hesitating on an entry (i.e., acting in/with confidence, anticipating the move, ahead of the crowd), and trading without justification.
Did you find yourself in this place when you starting? Were you able to figure out why?Any suggestions for overcoming?
Peace.
DTF- Work on your concentration skills. See and acknowledge what the charts are showing you.
Fine tune your plan/edge/system or create it if you don't have one.
Make it as simple as possible so that in the heat of the moment you don't have to think a lot, you just react.
Apply your system over and over and over until you can execute it flawlessly. Visualize it when you go to sleep at night and let it be the first thing that you think about in the morning as you wake up.
I learned early on that less is more and worked hard to break things down to their most basic forms.
i with dtf, thanks for the posts. its great to compare what you were seeing with what i was seeing.
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