I love seeing posters that typically lurk here chime in how this board helps them.

Greatest thread on TA by far.

Saw a couple tweets yesterday from damn good traders that caught my eye

Most important thing to remember about trading is . You’re going to be wrong . I mean a lot . Even after nearly 24yrs I have days throughout the year that I want to take a wooden spoon & jam it into my eye . We put so much pressure on ourselves that we forget that we’re all human… https://t.co/a7sJqmzH3F

— Dan 🐩🐩🐩 (@danshep55) February 24, 2023

Leveraged EFTs (3x, ultra) such as $BOIL are not meant for long term hold. They are rebased daily. You'd lose out on simple math. Just take a look at the weekly chart. They always go down.

My strategy for LNG is scaling-in on leaps of my favorite LNG miners. https://t.co/2HItpEiJmB

— DYOptions (@data168) February 24, 2023

Had some time to reflect on the last 2 days and understand what I got right and what I got wrong.

Last year around August I decided to open a small account and try to day trade SPX (mostly) short term options (0-3 DTE) to see if I could do it when I had time. I've varied from being able to try it 3 or 4 days a week to no trades for several months when I'm too busy. 1-2 trades per day max.

2022 trades were all over the place from being trapped and losing 100% to 2-3x and everything in between. Feast or famine with overall performance where the account was down about 50% overall with the strategy. 26 total trades where 5 of them lost 10%+ of the account (3 of which lost 20%). 3 trades went 10%+ and none went 20%+

2023 goal was simple - less emotion, no getting trapped, small losers, bigger winners. So far this year account is +50% with 6(!) total trades - 3 winners & 3 losers. Now I need to stay consistent. Anyways, TLDR I know.

Below is last 2 days SPX 5 minute chart with my simple indicators. My 2 go to are 8/21 EMA + 50/200 SMA and falling/rising wedge & channel.

On the chart, 1 was my entry yesterday, 2 was where I got stopped (doh!) and 3 is the move I caught. 1 & 2 trade was a $250 loss. 3 was a $1850 gain. That has been my goal all along. So even though I missed a massive move Thursday, overall I am happy that I followed my new found rules.

The other thing I've noticed is using the 1 minute chart is very dangerous with lots of fake out moves. 5 minute is more reliable and creates more patience especially for entries (I remember our old friend Irish preaching this years ago but I didn't listen). 1 minute is way better for exits where you see a big exhaustion candle with volume spike that doesn't follow through, usually to support/resistance like yesterday late afternoon just under 3980.

On the 5 minute chart, note the bars circled in yellow. Each bottoming (or in 1 case bull flag) lasted at least 4 candles or 20+ minutes right before or at wedge/channel breakout. This is what FJ preaches about not trying to bottom tick but get the meat of the trade.

Sorry for the long post - hopefully some find it useful.

I don't understand.

Obviously, oil and natural gas prices and related stonks are going to go up or down (possibly both) in the short, medium, and long term. They may even stay flat

3rd weekend in a row where the short ETFs are at the top of my buy list. I've been working hard on some fancier scripting. Hoping to have something working next week to share.

No BOIL love? Since I posted it was time to buy in to NATGAS, it's up 44%

Philip J Fry said:

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Yeah, unusually slow day on here today.

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I don't like how the market is acting so the best trade for me is to not trade.

BaylorSpineGuy said:

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Times like this I wish I knew how to post gif's. I'm more of a boomer in that sense lol.

Looking for the $1 million dollars comment by Dr Evil :-(.

Prog…..where arrrrrrreeeeeee yoooouuuuuuu??

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I got you... (save Prog for the rally gifs)

Just copy and paste the link. Try this one