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Re QQQQ short here, covered just then for tiny profit of +.22, and looking to enter long soon.
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Well, it just turned around at 26.6. I'm no TA master, but it looks like a good sign to me.Originally posted by New-born babyComment
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Thanks Jiesen
Thanks, Jiesen!Originally posted by jiesenComment
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Anytime, NBB!Originally posted by New-born babyComment
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King!
Just read your thread and I'm glad you're alive! Get back on that horse brother.
To the thread readers: I may sound like a broken record sometimes, but we’re investors, and we deal with risk every day. So I’m highlighting just how bad risk can get, and telling you to plan for it, deal with it, and at night sleep well because of your planning. Some people sleep well because they’re ignorant of the danger, well if you read my thread, you can’t claim to be ignorant.
Timely reminder for everyone, (as if anybody needs one after today!):
Bad news is usually completely blindsiding, and unexpected. Bad news can shake even the mightiest chart, and the brightest fundamentals.
Personal previous comments in this regard:
http://www.mrmarketishuge.com/forum/showpost.php?p=7864&postcount=1030
“Why use stops on a stock that looks so promising? Well, the market can be brutal and can leave you completely stunned. There are many examples of it happening; the most recent is MRK, although the weekly chart was screaming caution way back in January when the big channel turned down. But sometimes you don't get the warning - it just happens….imagine the worst POSSIBLE news that could hit it, and then where would the stock price go if that happened?”
http://www.mrmarketishuge.com/forum/showpost.php?p=5322&postcount=73
“Forgive me if I'm thread crapping, but … "Don't marry a stock and ignore what the market tells you" or the chart tells you. Every stock is unique, that's for sure. This stands out as having reason to be bought, but the market tells me that there is reason to be cautious with this stock. Consider these questions:
What's the worst possible news that could hit this stock?
What would happen to the stock price if that news came to pass?
Where is support on the chart? And more importantly, where are the holes on the chart. The gap below 10 is a big fat glaring irrefutable hole. Sure, it was a runaway gap and the stock could turn into a TASR, but if bad news hits it, that gap may get filled.
Are you prepared to ride it down to the gap and expose yourself to that much risk?
These questions apply to any stock we trade. If you're happy with the risk then excellent. Everyone has different risk/reward tolerances. If a 50% or worse loss is acceptable to someone and they have factored it in to their game plan, then Great! I throw these thoughts out there so that people know that a 50% loss from current levels is at least a possibility as of today.”
http://www.mrmarketishuge.com/forum/showpost.php?p=8198&postcount=1166
“Right now, ELN is a gamble both long and short in my opinion. Channels are currently saying down, as per below chart. There's a gap down there that might fill if there's bad news”
Good trading to all.Comment
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Spike-it seems if you play a large position long you need to use option puts, the stock blew right past most stops, i dont use stops but in the future i will always carry puts for insurance, I had them last year while awaiting approval, and I did not buy anymore once the stock "seemed stable", puts would have saved the day today , stops were worthless today .. KingComment
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Spike, do you always use hard stops? I stopped using hard stops b/c of MM always taking my shares and then bouncing right back so I use "mental" stops more often.Comment
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Ya, I absolutely would encourage puts to hedge. They are great, and in cases like ELN today, out of the money puts are so very cheap, yet offer great protection. But as you say, the stock seemed stable, and whodathunk such bad news! But even some part hedging with OTM cheap puts would have saved the day. If you had used a conditional stop loss order, with the trigger method set to activate outside RT Hours, you would have likely stopped out premarket at around 25.00, looking at the time and sales, but that's ancient history now :/Originally posted by kingofthehill
Best to ya King!Comment
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With stocks, more often than not I'll use a hard market order stop. Sometimes I'll make a limit stop order to avoid huge slippage in thinly traded stocks. It depends on what time of the day it is, the type of stock, the volume, and the strategy I'm using.Originally posted by dmk112
With futures, I categorically use a hard market order stop - without question, no exceptions.
As for MM games, I love conspiracy theories too, although you really have to consider whether your stop is even residing in a system that is viewable by a MM.Comment
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Picks
Do you agree with the following patterns?
Bullish Patterns
Triple Top/Bottom: JCP PD SERO EGOV XLI CNX CRS
Triangle Breakout: HRB XLF MCRL MVL ARMHY DY PRFT EQT MTH POG
Cup-With-A-Handle: SKM
Range Breakout: KSS LEN BNE LQI CVO
Trend Reversal: GSLI PFI CHR ALCO MLAN XPRSA NASI ERF SIMC INB
Stochastic Combo: TJX
Bearish Patterns
Triple Top/Bottom: ABS TIBX AGIL CEC
Triangle Breakout: ABS GPC TIBX TKLC IM
Range Breakout: ABS AGIL
Stochastic Combo: TLCV USFCComment
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It's supposed to be a community exercise.
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