Okay. A rally immediately after a buy OR sell ADX sell signal on a 10 day chart is bearish. Storing that in my mammaries now.
Eyes peeled for JCP in the next few weeks.
Did you manage to close your USO position?
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Yes, store that one away as it is a pretty good tool for the toolbox. :-) Sometimes rallies after those ADX buy/sell signals result in new 52 week lows. JCP eliminated all of Fri's loss by teh end of the day so if it is going to rally it will be now...or else they "likely" go for my low buy numba. General marekt can go either way so JCP can go either way. My entire USO trade was a total loss. The lesson learnt with it is that sometimes it is best just to avoid making trades where the setup is there but the stock is kind of "stuck in the middle." I should have been more patient and waited for the trades that offered the highest likelihood of moving quickly, which were the market shorts I have been outlining. I would consider this JCP trade I outlined as one of those trades like USO. The chance is there for a 100%+ gain, but you "might" end up asking yourself >>> Why did I even bother? :-) There will be some very good trades coming in the general markets, VIX derivatives, and mining shares shorts. The last small lotto ticket I bought on SLV went out defunct on Fri also so I will switch to DUST long vs GDX short. Not quite yet tho.
That's interesting. Also interesting that you're bearish on mining shares.
Sorry to hear about USO, at least you're honest about this stuff boss. Thanks for the update man.
Shit, why not be honest? I play for the "mythical" 1000%er...the $100 bet that becomes worth $1000...and the faster the better. I'm just like everybody else in that I buy five $20 tickets and lose $100 periodically. The thing that makes me different is that I am going to "consistantly" post trades that generate 100% gains...and one recent trade (can't remember what it was but I think it was either the DIA trade or a gold trade) generated 700%+ if held until my target was hit. Methinks the trade in the sexy VIXens offers that kind of return. And 2 days ago I said >>> "UVXY coming all the way back to retest the 52 week low at sometime in the future." Just be patient and wait for the "proper" setup. If it doesn't come...no biggie...next! :-) I toldja this shit was easy. See how much better you are already...in like 3 weeks? Hope you understand the reasoning behind my JCP update. I was "hoping" for more but now the odds are looking like it would just be better to abandon with a small gain..."if" I even get that. If I don't...you then know why I said "this trade isn't really even worthy of consideration" when I posted it in the first place. I'm concentrating on long VIX and short gold via either GDX short or DUST long right now so check my blogs on those.
I'll open a new JCP blog when it signals the next "event." :-)