Plan for Profit during this correction
I was lucky enough to be following PH, DryanHawley, Ridethepig and Dr Roboto to know we were standing at the cliff on Monday & Tuesday and went short on Wednesday morning.
As you can see from the chart, MACD flipped as did the Stoch RSI. Alone they can give false signals, but together it's fairly accurate.
I will tighten my stops slightly once we cross below the 25 day MA.
I will sell my positions at 3551 should we bounce there. I will pick them back up if we close below 3,540. If we do go below 3,540 and I get back into my short positions my target is 3390, but I will be using loose stops at that point to maximize my profits.
Could we go lower than 3390? Sure we can and it would be healthy if we did. 3,170. 3,000. 2,700. We all know the routine, but if your goal is to make money all year, then to trade what we're given is the only way to make that happen.
I'm in SDS with 50% of my portfolio.
I'm in SQQQ with 5% of my portfolio.
I'm in SOXL with 2.5% of my portfolio.
I have no long positions or swing positions at this time.
Please be smart. Please use stops.
As you can see from the chart, MACD flipped as did the Stoch RSI. Alone they can give false signals, but together it's fairly accurate.
I will tighten my stops slightly once we cross below the 25 day MA.
I will sell my positions at 3551 should we bounce there. I will pick them back up if we close below 3,540. If we do go below 3,540 and I get back into my short positions my target is 3390, but I will be using loose stops at that point to maximize my profits.
Could we go lower than 3390? Sure we can and it would be healthy if we did. 3,170. 3,000. 2,700. We all know the routine, but if your goal is to make money all year, then to trade what we're given is the only way to make that happen.
I'm in SDS with 50% of my portfolio.
I'm in SQQQ with 5% of my portfolio.
I'm in SOXL with 2.5% of my portfolio.
I have no long positions or swing positions at this time.
Please be smart. Please use stops.
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