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Post by walnut on Jan 3, 2017 14:56:37 GMT -5
You still have your 8k shares short VXX? Are you holding overnight or are you taking some off the table before EOD? Still short the 8000, have not decided, should take some off but tempted to leave it overnight
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Post by theMist on Jan 3, 2017 15:05:10 GMT -5
If we get a nice drop in the scams into close as expected, in AH they should be down a lot as well. For me, I will cover at least 15k-18k shares before close and keep 12-15k short and look to close it out in AH. I see them dropping real nice in the AH especially with contango at 12%. That's how I usually play it.
Tomorrow, we should get a nice gap down (opening gap) in them as well. Possibly forming another BREAKAWAY GAP. This is one of those rare times I would consider holding a small position overnight as I see getting nice follow through in the markets tomorrow as long as we get a nice close.
For me, it all depends on how we close.
Long run we all know they're headed down a lot further, reverse split, rinse and repeat.
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Post by walnut on Jan 3, 2017 15:09:56 GMT -5
I sure like your thought process here If we get a nice drop in the scams into close, in AH they should be down a lot as well. For me, I will cover at least 15k-18k shares before close and keep 12-15k short and look to close it out in AH. I see them dropping real nice in the AH especially with contango at 12%. That's how I usually play it. Tomorrow, we should get a nice gap down (opening gap) in them as well. Possibly forming another BREAKAWAY GAP. This is one of those rare times I would consider holding a small position overnight as I see getting nice follow through in the markets tomorrow as long as we get a nice close. For me, it all depends on how we close. Long run we all know they're headed down a lot further, reverse split, rinse and repeat.
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Post by theMist on Jan 3, 2017 15:15:13 GMT -5
Also, I might add, if we do get a real nice drop in AH I will definitely close out my entire position before AH close.
Its really not worth holding overnight (risk/reward) if you can lock in another guaranteed 3-4% downside in AH. Realistically, how much further can they gap down in premarket tomorrow if you think about it.
And you'll always get another chance to trade them tomorrow just like we traded them today.
Obviously, I don't like leaving myself vulnerable overnight especially when risk/reward isnt worth it and I have plenty of time to daytrade. I remember the last time one of the FED officials came out and said "we're raising rates - expect a rate hike" and the SCAMs gapped up the next morning I believe 20%. lol
It was Friday 9/9 - TVIX ran from $18.62 (prior close) and hit a high of $24.57 on next trading day (Friday).
I've been very successful trading VIX SCAMs this way.
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Post by theMist on Jan 3, 2017 15:25:24 GMT -5
Starting to cover some shares (10k) so far. Locking in nice profits today
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Post by walnut on Jan 3, 2017 15:31:53 GMT -5
I'm buying back some if I can get a good price
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Post by walnut on Jan 3, 2017 15:33:25 GMT -5
Bought back 5000, staying short 3000
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Post by theMist on Jan 3, 2017 15:38:23 GMT -5
Awesome Trading today Chris. As long as you have time to watch markets from premarket to AH close, do you think my thinking makes sense? All it takes is to leave yourself highly vulnerable overnight (get greedy) and get burned once to destroy weeks of profit. Not worth it IMO. Unless of course your hedging, then its ok to leave a nice position ride overnight. short 20k UVXY now
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Post by walnut on Jan 3, 2017 15:39:38 GMT -5
damn 23.75 haha
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Post by theMist on Jan 3, 2017 15:41:07 GMT -5
lol - I told you they were dropping to retest all time lows. I only took off 1/3 position and will look to close out more in AH
You still did awesome today
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Post by walnut on Jan 3, 2017 15:41:42 GMT -5
Awesome Trading today Chris. As long as you have time to watch markets from premarket to AH close, do you think my thinking makes sense? All it takes is to leave yourself highly vulnerable overnight (get greedy) and get burned once to destroy weeks of profit. Not worth it IMO. Unless of course your hedging, then its ok to leave a nice position ride overnight. short 20k UVXY now I believe your thinking is right, but leave a smaller position on all the time to boost your year if you can stomach the overnights. The only way to hedge it is to set an alarm or a conditional order to buy futures in the overnight if someone starts a war or something.
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Post by walnut on Jan 3, 2017 15:42:30 GMT -5
And Mist you are an awesome trader, your thinking has rounded out my overall way of looking at this. Gonna be a great year I think.
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Post by theMist on Jan 3, 2017 15:43:03 GMT -5
The only thing is if you are BUYING Insurance when you need it (getting burned) then it doesn't become insurance. lol If you know what I mean. Glad I could help out. That's what we're here for.
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Post by theMist on Jan 3, 2017 15:51:17 GMT -5
And there it is courtesy of CNBC. Market Imbalance $1.4 Billion to BUY side going into close. That's large.
SCAMs should be down nicely into close and AH
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Post by walnut on Jan 3, 2017 15:51:19 GMT -5
You are ALWAYS on one side of the trade or the other, this business is always directional. You can't be on both sides of the trade, there is no way, believe me I have looked.
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Post by novie08 on Jan 3, 2017 15:55:46 GMT -5
This is just awesome...I cannot thank you guys enough. Maybe will get more nerve later but right now, busy until Thurs. with obligations. At least I had a successful trial run...I try to avoid Fridays with opex making me a nervous Nellie. It's like the good old days!!!
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Post by walnut on Jan 3, 2017 16:02:07 GMT -5
Novie with the contango this high you can usually short the pops with pretty good chance of success
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Post by theMist on Jan 3, 2017 16:03:22 GMT -5
AWESOME DAY and WOW that was pretty close Projected MOVE in VXX -- AND NEW ALL TIME LOWS IN SCAMs
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Post by novie08 on Jan 3, 2017 16:04:08 GMT -5
Novie with the contango this high you can usually short the pops with pretty good chance of success Thanks, I keep forgetting about that.
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Post by clinton on Jan 3, 2017 16:08:24 GMT -5
My robinhood account ended the year with +54%
and they claim I got $2800 worth the free trades. LOL I'll take them.
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