Daily Gaps & Breakouts with Ken Calhoun
- Thread starter KCalhoun
- Start date
I think I can see the reasons for most your picks. At least I could come up with a set-up that justifies why you might consider trading them.
I'm a little confused about what set-ups you saw with TNA and UCO. Could you walk me through your reasoning.
FFHL is an example of what I was talking about the other day. Your buy order is so far from the prior days close that if it gets hit it will probably take out your trailing stop on a retrace.
I'm a little confused about what set-ups you saw with TNA and UCO. Could you walk me through your reasoning.
FFHL is an example of what I was talking about the other day. Your buy order is so far from the prior days close that if it gets hit it will probably take out your trailing stop on a retrace.
Good to hear re setups. Right re FFHL, I reset entry after initial price drop for pivot entry. I do that daily, setting triggers initially way up slightly above premkt highs, then reset them much tighter after I see opening price action 9:30 - 9:40
TNA UCO both small gaps up, hedged with TZA SCO
entire blotter as of 11:15
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Still need an explanation of "Pivot" and while you are at it "Bear cup support".
I would have traded at the same points although I would have called the entry "a break of the opening range" and the exit "price moving under a bearish engulfing candle"
Are you flat at the end of day.
I see a problem trying to trade and educate at the same time. You have to actively trade something. You can't sit on your hands waiting for the perfect set up because no one wants to pay to see someone sit on their hands, even if it's the right thing to do.
I would have traded at the same points although I would have called the entry "a break of the opening range" and the exit "price moving under a bearish engulfing candle"
Are you flat at the end of day.
I see a problem trying to trade and educate at the same time. You have to actively trade something. You can't sit on your hands waiting for the perfect set up because no one wants to pay to see someone sit on their hands, even if it's the right thing to do.
On that chart the bear cup looks like inverted U, the pivot was my entry as it bounced off support at bottom of cup.
Not flat eod today, still holding small size inverses though will sell soon.
Good point re education and trading at same time, I take time for market commentary and answering questions. I frequently miss out on trading charts I'm teaching entries for, like INO today
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What is the rationalization to hold overnight if you are day trading. Are you not concerned about an overnight gap against your position?
What does "will sell soon mean"? Is there a price target not yet met or are you letting a trailing stop take you out of the trade? Or something else.
At the close today was the position positive or negative and does this influence your decision to hold overnight?
Great questions. Re overnight holds that's how I made $9k during February March selloff.... but lost much of it during recent rally. My thesis is this rally is going to stall and drop soon, so I've been in and out of tiny inverses to bottomfish.
All overnight inverses were slightly in the red last night, I held ( and even bought TVIX SVXY FAZ into the close yesterday) in anticipation of gap up in them today.
So today's gap down market works in my favor. I'm going to add to positions this morning if they keep going up. By sell soon I will sell if they get below 2day lows, or as is the case today, scale in if they continue to go up above today's gaps.
I am shifting to more daytrading but am still doing cautious inverse swings bc I still expect a selloff especially if S&P loses 3k for 3 or more days.
Trading UVXY TZA SRTY SDOW SPXS SOXS FAZ etc
Today's stock picks: PLUG INO GNUS NVTA PENN
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