07/17/2015 Live Update

[Al_Dente]

I’m not really expecting much of a pullback, testing/maybe filling the gap, giving us another HL higher low
But I’ll take whatever she gives…
“Bitch Better Have My Money”

[Al_Dente]

...$OEX new high (ATH] indicates the LARGE CAPS are in charge

$OEX crossing down on fast stochastics.

thanks
what timeframe are you on?

[flyingwabbit]

A little into trading psychology about the week I had and thought it could help others that are in similar situations:

Today, I just realized I missed out on a riding 1000% gain on GOOGL and settled for a
double earlier this week. Context: I longed both AMZN and GOOGL around 9:40 on Monday and
took majority of profits on both when it doubled by Tuesday, I kept 1/10 of initial AMZN riding until
Thursday. I vividly remember when these situations often occur a few years ago, I would become very
moody or/and lose sleep over these types of things. It’s important to take a step back and realize,
trading is a life long journey of continuous improvement and learning while being disciplined and
following your own rule sets. You can’t realistically squeeze every dollar out of every trade you execute,
therefore it’s a waste of time to keep thinking about it. It is what it is, accept it and move on. There’s no
looking back for trading, especially if you’re a day trader like me. Life is too short, gonna enjoy weekend
with friends now. Peace out and have a great weekend all!

Unique,

Thanks for sharing your lessons and insights. Your calls on AMZN and GOOGL were simply spot on. I, on the other side, got completely wrong on AMZN this Monday. Here is how exactly it happened:
1. right after the open on Monday morning, I noticed that I forgot to cancel a AMZN OCT440Put order over the weekend, and it got hit as AMZN gapped up.
2. Instead of taking a small loss (only 5 puts), I started to average down despite realizing that TA-wise it has just broken the trading range and now trending higher with force. Oh, should I say that I did learn some of my lessons, I used a scale-in approach (5put each time) to average down, LOL
3. AMZN gapped up again on Tues, and I continued to average down, to the tune of 40 puts, in addition, I DT it from the short-side, and had very poor execution in the last hour which led to over 3k loss. All these time, I was aware that I was full of wishful thinking and odds were not on my side.
4. On Weds, thought about cutting loss on the put position, and actually had a chance to get out with about 5k loss, but could not do it. Near the end of day, thought about at least got out the last averaged-down batches (would give me over 2k gain on that), but did nothing in the end, hoping I could got out with little loss the next morning. Then NFLX came out smoking in AH...
5. On Thurs, AMZN gapped up again and soon broke the intra-day high, instead of got out of the mess, I once again started DT from the short side hear 470, failed to stop out when it broke new intra-day high, and had to cover in AH when GOOG came out smoking, lost over 5k on DT.
6. This morning, finally decided to cut loss and closed all puts with nearly 30k loss.

There you have it, a typical debacle that often started with a small mistake, but got snowballing because not only I refused to accept the mistake and cut the loss when it is small, but kept fighting the losing battle, until the loss became mentally taxing and financially debilitating.

The hardest thing for me is to learn from the big debacles like this one--it occurs every 3-6 months, erases 10-40% account value in just a few days, I then spend the next several months not only to fully recover but also hit new highs eventually.

Then the cycle starts again.

I actually thought I might be finally over this now this time--I have been debacle-free for a few months now, and in fact had been hitting new highs almost on daily basis since late April.

That was until last Friday.

People say failure is the mother of success, for me, unfortunately, success has been a father of my failure.

It is true that one is not trading stocks, but trading on him/herself, and the saddest thing is people don't change, it is just too hard.

All in cash now, followed TA to went long on GOOG earlier this morning when it broke the intra-day high, pocketed a quick 2k profits. As usual, the months-long recovery has got a good start, and as usual, another debacle like this is lurking on the horizon.

Someone smacks me out of this hopeless cycle of despair and exhilaration? or my fate is simply sealed and I am just killing some time to eventually meet with it.

Best to all, and I hope at least some of you would find some kind of comic relief from my stand-up black comedy.

BB

(yes, I know, this is two Bs)

[Al_Dente]

INTRADAY INTERNALS still quite bearish
declining stocks = 2.6 x advancing stocks
declining volume = 2.9 x advancing volume

That’s one of the very few issues with the intraday AD
It counts each stock as ONE stock
In other words, GOOGL counts as one stock, and XYZ random stock also counts as one
Nonetheless bears still have a chance with volume….

[Jennyahwu]

fehro, can we buy dust now/ gld down to new low.thx

[fehro]

SPX

[Jennyahwu]

SPX

hi fehro, find you.
fehro, can we buy dust now/ gld down to new low.thx

[Al_Dente]

I hate all bears those lazy good-for-nothing bums
They had a triple-digit-down day in the palm of their hands
And they covered
They threw it all away
double top
https://www.youtube.com/watch?v=ww1gt6MHJRA

[MrMiyagi]

And here comes green SPY...

[Cobra]

triangle text book target. 2nd test of the day high, key time.

[fehro]

fehro, can we buy dust now/ gld down to new low.thx

/GC not sure.. we undercut the Nov 2014 lows... so we could bounce/chop around here.. overall it 'looks' weak, weekly candle looks weak. 1070-1080 better support.

[ALdaytrade]

I hate all bears those lazy good-for-nothing bums
They had a triple-digit-down day in the palm of their hands
And they covered
They threw it all away
double top
https://www.youtube.com/watch?v=ww1gt6MHJRA

I will join you!

[fehro]

INDEX days.. still lying going on ..

[finman66]

I realize it is stale but there is an open upside SPY p-bar from June 22 residing at $212.50 ..... so expect it to get tagged in the power hour ramp job

[MrMiyagi]

!!! POWER HOUR !!!

[Al_Dente]

I hate all bears those lazy good-for-nothing bums
They had a triple-digit-down day in the palm of their hands
And they covered
They threw it all away
double top
https://www.youtube.com/watch?v=ww1gt6MHJRA

I will join you!

Failed H&S becomes a box formation
Those bears are NOT giving up (red arrows)…….. I guess GOOGL is masking the underlying bear bias…….
"The Running of the Bulls"
https://www.youtube.com/watch?v=gkm-DigpYLM

[Cobra]

!!! POWER HOUR !!!

[fehro]

SPX .. RS in .. got some shorts... on into happy hour.. lol..

[MrMiyagi]

spy

[ALdaytrade]

I hate all bears those lazy good-for-nothing bums
They had a triple-digit-down day in the palm of their hands
And they covered
They threw it all away
double top
https://www.youtube.com/watch?v=ww1gt6MHJRA

I will join you!

"Monday, Monday, so good to me;"