I did just that - bought a Put diagonal when SPX was trading at around 1094 (see chart - the blue circle). Of course since then we dropped significantly and bounced off the 1040 area that I said would prove to be the support. Not surprisngly, the sequential hit 13 today on the 15 minute chart.
However, the trend is still very much bearish. Look at the fibonacci channels in the chart - it shows the market is still very much within the bounds of the channel and the lines have not broken.
Keeping this in mind, I sold half my diagonal, capturing ~21% profit. I am now sitting on a diagonal with very high theta. If the price consolidates or continues falling, I anticipate making ~40% profit. Meanwhile, I am keeping an eye on the daily oscillator and setup count (Which has reached 7 already). If that turns bullish, I will tighten my stop loss and exit the entire position.
Additionally, take a look at the table below. In ninjatrader, I finally have setup working to perfection. Sequential and Combo studies are nearly there as well, just needs some tweaking.
The colors really help you see when the trend is reaching exhaustion. For example, notice that most stocks are showing up as green while only a couple are red. This means that the bear trend may be ending soon. I can also filter the table so that I only see stocks that hit a 8/9 yesterday.
-Wown
stockjockz.blogspot.com
1 comments:
Hi,
I saw your comment on the other blog, where is code for TD indicators. I see you got them to work.
I'm programming dummie and I can't get them to work. Not even the shorter one, keep getting compailer errors.
Would you be so kind and send me indicators saved as file so I can simple import them into my Ninja Trader? (ver 6.5)
Please, you are my only hope :-)
If you don't mind, please send them to alamanjani@gmail.com
Thank you in advance!
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