tag:blogger.com,1999:blog-2903618192803822774.post4895058736304215509..comments2023-11-05T06:59:47.549-05:00Comments on StockMarketAlchemy: A Few More Bearish Flags Going UpPete Birchlerhttp://www.blogger.com/profile/03979249321821901449noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-2903618192803822774.post-34702872969693053552009-04-20T15:11:00.000-04:002009-04-20T15:11:00.000-04:00Chris
From your link on your ID, I figured you we...Chris<br /><br />From your link on your ID, I figured you were experienced, but just wanted to make sure.<br /><br /><br />Congrats so far on FAZ and SRS. Since the "e" wave (by my labeling in recent posts) was retraced so quickly and last week's S&P low was exceeded, Friday has the appearance of a multiweek high. So my stance is to set an initial stop at last week's low in BGZ, SRS, FAZ, etc, (or even a breakeven stop) and ride this thing until the whole rising wedge is retraced.<br /><br />CheersPete Birchlerhttps://www.blogger.com/profile/03979249321821901449noreply@blogger.comtag:blogger.com,1999:blog-2903618192803822774.post-64284876083488069002009-04-20T13:40:00.000-04:002009-04-20T13:40:00.000-04:00Hi Peter
Thanks for your comments and concern abo...Hi Peter<br /><br />Thanks for your comments and concern about my trading risks.<br /><br />I have frequently traded 3x iETFs and in fact I've been long FAZ since 9.0 with another position in SRS.<br /><br />Most of my trading has been scalping, however I'm moving towards a swing trade style, which provides a better risk/reward ratio IMO.<br /><br />You were right in predicting a market fall, and if it continues downwards, as I believe it will, then I will add to my shorts including BGZ, probably tomorrow once this down turn has been confirmed.Chrishttp://www.medianetrix.comnoreply@blogger.comtag:blogger.com,1999:blog-2903618192803822774.post-61462383924299076412009-04-17T16:00:00.000-04:002009-04-17T16:00:00.000-04:00Thanks Chris
Since I do not try to advertise or d...Thanks Chris<br /><br />Since I do not try to advertise or direct traffic to my blog in any way, I haven't really been concerned with those screen shots, though I've thought maybe it would be best to avoid having that there. But thanks for the heads up.<br /><br />Just as a quick note, I have exclusively recommended leveraged ETF's on the blog for a few reasons, though usually just the 2x ETFs. I don't know any of your background with trading, but you may want to read some of the best posts, etc on the blog to get some background on how I manage trades on the blog. <br /><br />Because the style is a mean reversion style, stop losses theoretically hurt the performance of the trades in the long run. so I don't typically suggest a stop loss on blog trades initially. After a day or so into the trade, at times I will suggest a stop. <br /><br />So realize that a 3x leveraged ETF will move a lot and it is very dangerous to trade if you have any issues with taking a loss on a trade.<br /><br />I'm sure you know all this stuff, but since I give specific trading advice on the blog, I just want to make sure you know.<br /><br />Hope you enjoy.<br /><br />Take carePete Birchlerhttps://www.blogger.com/profile/03979249321821901449noreply@blogger.comtag:blogger.com,1999:blog-2903618192803822774.post-91919727989051868582009-04-17T12:42:00.000-04:002009-04-17T12:42:00.000-04:00Hi
I've just come across your blog, which I've bo...Hi<br /><br />I've just come across your blog, which I've bookmarked. You're providing some excellent information. Thanks.<br /><br />The case for a reversal from these levels is looking very strong, as you explain. I too am short now and may well take your advice and start a position in BGZ.<br /><br />A quick point. Your image of the dumb money sentiment displays your IB account number in your Windows toolbar, which you might want to edit out.Chrishttp://www.medianetrix.comnoreply@blogger.com