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BaylorSpineGuy
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9:55a, 6/4/22
I must keep perspective. I'm young and have not been putting more money in my trading account. Just keeping what I have and trying to grow with that.

My trading/investor mentor right now is a senior retired neurologist who later went and got an MBA about the 30 yrs ago. He's in his mid 70s now. This guy is a whale. He swings trades like 5,000 shares of SQQQ/SPXS. He also has traded NVDA by 1,000 share lots.

I simply don't have that kind of money. So when he tells me he makes $10-15K or more in some days, I have to be mindful that I'm a minnow and he's a blue whale. He has multiple times made over $100K in a day in the past year. He rarely has a red day.

He's got 40 yrs experience. I've got one. That matters. I'm a better surgeon than an intern. Someone ten years senior to me is likely better than I am right now. Experience matters. Thanks for reminding me of this.
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$30,000 Millionaire
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9:58a, 6/4/22
AG
If you guys want, I have an idea for how to trade indexes exclusively with the triple leveraged ETS. I've been thinking about this strategy for a while, but I haven't applied it. I think it will work, though.

Are you familiar with the Brian Jones system? If not, it works. I think there is a day trade scalp method that will work and that everyone can follow along with me.

High level, you buy UPRO or SPY when RSI is oversold and/or 1) 1) when there is a 10 SMA cross on the 30 minute time frame or 2) a cross is highly likely by tracking RSI. Stop is the close of the prior bar. Stop moves up progressively to the close of the prior bar. You won't catch all the moves but I think this will work well.

I'm planning to try this with a couple hundred shares to get experience with it.

I'd appreciate it if this stayed here. It's not revolutionary but I don't want to get gamed at something I think can make us money.


You don’t trade for money, you trade for freedom.
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irish pete ag06
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In reply to $30,000 Millionaire • 10:11a, 6/4/22
AG
So in for this!

Does this also work on TQQQ? I'm setting this up on a tradingview layout right now and plan to back test it a little bit on TQQQ, but was curious what you're thoughts were.

Also, it's the 10 crossing the 20 right?
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BaylorSpineGuy
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10:14a, 6/4/22
Can someone please explain what exactly UPRO does and how it is similar/different from SPX/Y? Thanks
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spud1910
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In reply to $30,000 Millionaire • 10:29a, 6/4/22
AG
I've learned a lot from you. Very interested in following you here as well.
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wanderer
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In reply to $30,000 Millionaire • 10:39a, 6/4/22
What's the thought process on using this strategy with shares vs options?
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$30,000 Millionaire
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In reply to BaylorSpineGuy • 10:43a, 6/4/22
AG
BaylorSpineGuy said:
Can someone please explain what exactly UPRO does and how it is similar/different from SPX/Y? Thanks


Triple leveraged ETF. 3X the daily return of SPX on a percent basis
You don’t trade for money, you trade for freedom.
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$30,000 Millionaire
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In reply to wanderer • 10:46a, 6/4/22
AG
wanderer said:
What's the thought process on using this strategy with shares vs options?


I'm watching you guys blow up your accounts and that's bothering me. It will work with options but what I like about this is that you don't have to worry about the other variables: delta, theta, IV, expiration, premiums
You don’t trade for money, you trade for freedom.
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Philip J Fry
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10:46a, 6/4/22
AG
And they do that by options stuff, right?
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BaylorSpineGuy
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In reply to $30,000 Millionaire • 10:47a, 6/4/22
Lemme ask you this…..with this market seemingly stuck between 4080-4180, pinned around 4115 or so, trading up and down daily can be taxing and wear out investors?

Do you think selling credit spreads is a good way to trade this range? Selling bear call spreads at the top and bull put spreads at the bottom?

What is gonna cause a break from this range? June FOMC? VIXperation?
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$30,000 Millionaire
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In reply to irish pete ag06 • 10:52a, 6/4/22
AG
irish pete ag06 said:
So in for this!

Does this also work on TQQQ? I'm setting this up on a tradingview layout right now and plan to back test it a little bit on TQQQ, but was curious what you're thoughts were.

Also, it's the 10 crossing the 20 right?


The B Jones way is to buy on the 10/50 cross and then hold until it's overbought /at resistance, etc. I'm modifying for scalping.
You don’t trade for money, you trade for freedom.
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$30,000 Millionaire
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In reply to Philip J Fry • 10:53a, 6/4/22
AG
As far as I know, yes.
You don’t trade for money, you trade for freedom.
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$30,000 Millionaire
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In reply to BaylorSpineGuy • 10:57a, 6/4/22
AG
July FOMC is probably what breaks it either way.

I think debit and credit spreads would have worked and can work. In normal times those are my bread and butter. But the price is so unpredictable right now.
You don’t trade for money, you trade for freedom.
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BaylorSpineGuy
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In reply to $30,000 Millionaire • 11:04a, 6/4/22
Why July FOMC and not something sooner? Uncertain Fed reaction at that time? Current news all baked in?
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59 South
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In reply to Ragoo • 11:55a, 6/4/22
AG
Ragoo said:
You guys get weird when the market is closed.


I'm always weird bro, market open or not!
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59 South
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In reply to tailgatetimer10 • 11:57a, 6/4/22
AG
tailgatetimer10 said:
Travel tips? I'll be there in two weeks


Where? PM me and I can offer at least a little insight hopefully.
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Philip J Fry
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12:02p, 6/4/22
AG
Definitely like the idea of combining rsi with moving averages.
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irish pete ag06
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In reply to $30,000 Millionaire • 12:18p, 6/4/22
AG
Got ya. Thanks!
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$30,000 Millionaire
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In reply to BaylorSpineGuy • 12:25p, 6/4/22
AG
BaylorSpineGuy said:
Why July FOMC and not something sooner? Uncertain Fed reaction at that time? Current news all baked in?


Rates, yo
You don’t trade for money, you trade for freedom.
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spud1910
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In reply to 59 South • 12:31p, 6/4/22
AG
59 South said:
Ragoo said:
You guys get weird when the market is closed.


I'm always weird bro, market open or not!
Aren't we all? You know, birds of a feather......
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JbKing45
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In reply to gougler08 • 12:41p, 6/4/22
gougler08 said:
Decay said:
ProgN said:
Congressman Adam Schiff proposes new bill designed to lower gas prices and tax oil profits - ABC7 Los Angeles



Federal Gas Tax Suspension and Windfall Profits Tax Act (house.gov)

Keep your eye on this if you're in O&G stocks and industry. Schiff wants to tax O&G companies 50% of their profits.

Wow what a coincidence, they're going to have a huge increase in costs and have no profits next year
Time to spend for O&G!


Great way to further derail oil and gas investments and reduce supply. Thanks Congress
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Charismatic Megafauna
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In reply to Charismatic Megafauna • 12:47p, 6/4/22
AG
Charismatic Megafauna said:
I was trying to figure out what caused that pullback in aug 2011...oh, the fed stopped buying for a minute.



But the recovery was because we got over it and moved forward with real economic growth, right?



Nope. They started buying again

Let's hope the special session Monday is to open up the ol checkbook.


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$30,000 Millionaire
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In reply to Philip J Fry • 12:50p, 6/4/22
AG
Philip J Fry said:
Definitely like the idea of combining rsi with moving averages.


I think this will work. Might be interesting on your screener too.
You don’t trade for money, you trade for freedom.
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Farmer @ Johnsongrass, TX
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In reply to JbKing45 • 1:00p, 6/4/22
JbKing45 said:
gougler08 said:
Decay said:
ProgN said:
Congressman Adam Schiff proposes new bill designed to lower gas prices and tax oil profits - ABC7 Los Angeles



Federal Gas Tax Suspension and Windfall Profits Tax Act (house.gov)

Keep your eye on this if you're in O&G stocks and industry. Schiff wants to tax O&G companies 50% of their profits.

Wow what a coincidence, they're going to have a huge increase in costs and have no profits next year
Time to spend for O&G!


Great way to further derail oil and gas investments and reduce supply. Thanks Congress
Adding on,...

XOM used a 40% tax rate for Q1 reporting versus the Q4 28% tax rate. Maybe they know/knew something everyone else did/does not. I wouldn't think a Windfall Tax on O&G would be possible. Moving forward,...if XOM continues with a 40% or 50% tax rate, earnings might signal $8/share. Couple that to a 12 PE, that would generally not allow for a $120 per share EOY number. Like ProgN states...keep an eye on your O&G stocks.
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Jet Black
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In reply to Charismatic Megafauna • 4:36p, 6/4/22
Charismatic Megafauna said:
Charismatic Megafauna said:
I was trying to figure out what caused that pullback in aug 2011...oh, the fed stopped buying for a minute.



But the recovery was because we got over it and moved forward with real economic growth, right?



Nope. They started buying again

Let's hope the special session Monday is to open up the ol checkbook.




So more pain since they aren't buying?
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Charismatic Megafauna
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4:45p, 6/4/22
AG
That's what i think. Chop at least. I just don't know how to tell when they start buying again. I'm buying as much stock as i can from here on out. I adjusted my 401k witholding to 80% so i can max it over the next few paychecks
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Brian Earl Spilner
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In reply to $30,000 Millionaire • 6:17p, 6/4/22
AG
$30,000 Millionaire said:
irish pete ag06 said:
So in for this!

Does this also work on TQQQ? I'm setting this up on a tradingview layout right now and plan to back test it a little bit on TQQQ, but was curious what you're thoughts were.

Also, it's the 10 crossing the 20 right?


The B Jones way is to buy on the 10/50 cross and then hold until it's overbought /at resistance, etc. I'm modifying for scalping.


Well this is exactly what I've been trying to do for the past couple weeks so I'm very glad with your input on this. Will follow closely.
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irish pete ag06
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6:32p, 6/4/22
AG
I did some digging and found this slide show on his system. Pretty neat.

https://docs.google.com/presentation/d/1HJih6O1-yhdIefuQQAZpauMpPtL0-wQh2hMEFe7cFIU/edit#slide=id.g10db758dc0b_1_33
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Philip J Fry
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11:28p, 6/4/22
AG


Is it really this easy? Just watch the same stock do the same thing over and over again?
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Decay
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In reply to Philip J Fry • 6:16a, 6/5/22
AG
Philip J Fry said:


Is it really this easy? Just watch the same stock do the same thing over and over again?

Sure, until it's not!
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ProgN
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In reply to Philip J Fry • 7:59a, 6/5/22
Philip J Fry said:


Is it really this easy? Just watch the same stock do the same thing over and over again?
60% of the time it works every time.
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Philip J Fry
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In reply to ProgN • 9:24a, 6/5/22
AG
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$30,000 Millionaire
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9:27a, 6/5/22
AG
You know what to do:

Buy at $1, stop loss at 0.7, target sell at $2
You don’t trade for money, you trade for freedom.
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Triple_Bagger
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In reply to Charismatic Megafauna • 1:30p, 6/5/22
Charismatic Megafauna said:
That's what i think. Chop at least. I just don't know how to tell when they start buying again. I'm buying as much stock as i can from here on out. I adjusted my 401k witholding to 80% so i can max it over the next few paychecks
Make sure you're not going to miss out on any company match by doing this. If your company does a match true-up, then there's nothing to worry about, but make sure you're not missing out.
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Charismatic Megafauna
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In reply to Triple_Bagger • 3:16p, 6/5/22
AG
Thanks, i think you and i may have discussed this before (i nerd out over this stuff) . My company does do eoy true-up
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