For stocks I'm really following I'm always checking my levels and seeing where we are in the count. There's always an alternate count on there too. Price and sentiment are what tell the story. If they don't speak, I don't listen.

I look at all of that stuff too. But I use it to see where it lines up with my wave count. If it doesn't, I'm possibly doing something wrong.

But I will say.. starting your model T calc based on where the breakout started is not how I look at it. That's just merely where mass sentiment caught on to a pattern that was already in play. You need to actually find the bottom.

Just another data point I haven't seen on the thread but could've missed it. SPY does have a bullish RSI divergence with today's move

mazag08 said:

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For stocks I'm really following I'm always checking my levels and seeing where we are in the count. There's always an alternate count on there too. Price and sentiment are what tell the story. If they don't speak, I don't listen.

I look at all of that stuff too. But I use it to see where it lines up with my wave count. If it doesn't, I'm possibly doing something wrong.

But I will say.. starting your model T calc based on where the breakout started is not how I look at it. That's just merely where mass sentiment caught on to a pattern that was already in play. You need to actually find the bottom.

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Not my MT bro.....OA owns that.

I use high & low over various periods for MT. Same as Fib if I use it. Breakout low to breakout high being one.

How many trades per week do you typically take?

I had been meaning to ask I'd you'd stopped your day trade experiment account or not. Knew you had gotten busy and then wife got sick so I assumed you'd hadn't touched it in a while but your weekly gains were crazy for a month straight. Any updates there?

FJ43 said:

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mazag08 said:

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For stocks I'm really following I'm always checking my levels and seeing where we are in the count. There's always an alternate count on there too. Price and sentiment are what tell the story. If they don't speak, I don't listen.

I look at all of that stuff too. But I use it to see where it lines up with my wave count. If it doesn't, I'm possibly doing something wrong.

But I will say.. starting your model T calc based on where the breakout started is not how I look at it. That's just merely where mass sentiment caught on to a pattern that was already in play. You need to actually find the bottom.

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Not my MT bro.....OA owns that.

I use high & low over various periods for MT. Same as Fib if I use it. Breakout low to breakout high being one.

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Well to be fair.. breakouts usually end up lining up perfectly with very impulsive 3rd waves (the strongest wave). And a 50% retrace of a 3rd wave is always method #1 in finding where the 4th wave might correct to.

So all parties can enjoy the same analysis but calling it different things.

Looks like an inverted H&S on RIG.

You AAPL lotto guys should be doing well.

Mazag: you were giving pretty regular EW updates on dnn for a while...it tagged 1.3 last Friday and is back to 1.5 now. Think she's ready to break free?

FJ43 said:

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You AAPL lotto guys should be doing well.

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Cut early because i couldnt monitor..... oh well, had the right idea atleast

If you kept any of the VIX 10/19 20P those are $1.25 now from .90.

Take yo money!

Awesome, thanks for the update FJ. Always curious on trading styles and frequency and that gives me a lot of good info. I'm still working on developing a style that works for me and observing and trading along has helped me better understand what fits my style and risk profile.

I did the same thing in September as far as taking a break. I got really busy, end up slacking on my trade discipline and had my first losing month since May. I've taken the last two weeks off for the most part, but the bad trades I took the end of August carried over and the first of September was bloody for my account. Anyways, much appreciated!

If anyone is interested in ALPP (a penny OACR brought this to the board last year) just ripped 30% in the last 20 minutes or so. They were waiting to uplist to NASDAQ for 10 months or so and it walked all the way down to $2.13 this morning. Looks like the news might drop this weekend as I haven't found anything on it yet. The stock hit $9 back in February so fireworks might be in the works. Apparently a lot of shorts in this one.

NRD09 said:

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Mazag: you were giving pretty regular EW updates on dnn for a while...it tagged 1.3 last Friday and is back to 1.5 now. Think she's ready to break free?

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Didn't get quite as low as I was tracking but did bounce just before the 61% retrace of wave (1). There's a chance we're building a higher "b" wave in the retracement down and we still have lower to go (mid 1.20's). We really need to see it break that $1.82 resistance to feel good about going up. I understand that it feels like by that point you might have missed it. Best I can give you, which is slightly lower confidence is if it impulsively goes through $1.62 it's a good chance the bottom is in. We do have a gap at $1.57.. so watch that area for a reversal and don't freak out if it does.

Keep in mind that it's going to wave up and down and that I'm merely talking about the long term trajectory. So don't get caught too much in the weeds with the short timeframes. Always zoom out and keep in mind the bigger story.

And if volume dries up for a week or longer.. watch out. These structure need sentiment to maintain. Lack of sentiment usually breaks them down.

If we hit $1.17 or lower then the fun is over and we look for a new bottom. So that's your bear watch out spot.

jwhitlock3 said:

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Awesome, thanks for the update FJ. Always curious on trading styles and frequency and that gives me a lot of good info. I'm still working on developing a style that works for me and observing and trading along has helped me better understand what fits my style and risk profile.

I did the same thing in September as far as taking a break. I got really busy, end up slacking on my trade discipline and had my first losing month since May. I've taken the last two weeks off for the most part, but the bad trades I took the end of August carried over and the first of September was bloody for my account. Anyways, much appreciated!

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Anytime.

The recipe that seems to work for me is when I have time, I scalp weekly options and take profits continuously. Might even trade the same exact thing 3 or 4 times in a day buying back and reselling. I have found that being focused on a few things pays better for me that trying to cover the field with FOMO.

When I don't have time, I will go out a few weeks or monthly on options but spend more time buying shares and selling premium. Or selling puts.

I cut earlier today at a 50% gain because I had meetings. It would've been nice to get the 600% it's at right now, but a win is a win.

FJ43 said:

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You AAPL lotto guys should be doing well.

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still riding a lone 140C!

Market is in oversold bounce. More weakness in the days ahead.

— DYOptions (@data168) October 1, 2021

10 point run on SPY since the bottom. lolwut

here's where it gets interesting.

$GRMN trying to throw down a green hammer today. Kinda in no mans land between the 8/21/50 and the 200 EMA but might catch a bounce here if it can pull the hammer throw off

First run at Mancini's 4360 is rejected hard.

I hope the person that sold at the low yesterday took profits on the dip.

$ENG rocket

That thing sure is a volatile little cuss aint it?

This rgs march 7.5/12.5 spreads are .25 now. I tripled up

In Florida right now...been a busy month of travel for me and be ready to get back home Sunday. Safe travels!!

Nothing like having a red week at the market and then watching Squid Game to boost your morale.

BaylorSpineGuy said:

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Nothing like having a red week at the market and then watching Squid Game to boost your morale.

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I watched about 15 minutes then turned it off

austinAG90 said:

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In Florida right now...been a busy month of travel for me and be ready to get back home Sunday. Safe travels!!

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Thanks! Safe travels to you as well.

Quick trip for me. Have about 6 hours of meetings Monday and choosing to drive since 7 hours.

Heck who knows maybe I'll trade and drive from the IBKR app.

Wow thank you. You've been pretty spot on with this so far so I'm going to reference this post. I sold all my previous position at 1.49 and bought back pretty big this week. I'll probably dump it all if we can get to 1.8 and look for that next wave down to buy back.