|
PureBytes Links
Trading Reference Links
|
Sounds like a Bear Market conversation.
Songyun
Michel Amelinckx wrote:
> Then I believe nothing is working in this market. Yesterday was a large
> range expansion pivot breakdown XPO and today the market went in the other
> direction. Breakout systems don't seem to follow through either. So I
> believe this market conditions seems to be hard to trade with no follow
> through days for breakout players and contrarian players having difficulty.
> I'm wondering which kind of system (traders) are making money in this
> market. Maybe option players who use spreads, like buying PUT and CALL when
> volatility (the VIX was at a X day low)was low and waiting till a change in
> volatility. Problem with this is that time is against you and your not sure
> when this shift will occur. I'm interested to hear if anyone is trading
> this style ?
>
> Thanks in advance
>
> Mickey
>
> > -----Original Message-----
> > From: owner-metastock@xxxxxxxxxxxxx
> > [mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of Guy Tann
> > Sent: maandag 31 juli 2000 19:43
> > To: Metastock User Group
> > Subject: There's a lot of pain being a contrarian
> >
> >
> > List,
> >
> > Well, the pain is still present, but thankfully not growing
> > this morning.
> > As of right now, I'm down 18.65% on this trade (equities and
> > options only as
> > we won't even follow the futures until the next sell signal)
> >
> > Even with starting small and adding to my long positions,
> > I've managed to
> > give back almost half of my June profits on this trade (at
> > least on paper)
> > as of the close on Friday. Needless to say, it's been
> > painful, as we hate
> > to give anything back, even on paper. Right now, we've
> > picked up almost 30%
> > of that loss as of Friday's close. That translates to I only
> > need two more
> > days to breakeven. Again, that's the problem being right
> > only 3 out of 4
> > trades (on average). Occasionally, one bites you in the rear.
> >
> > On the bright side, we got our SIG/700 signal on Friday,
> > which is what we're
> > going to be using for trading options. My brother bought
> > QVQIL (I think he
> > paid 5 1/4) and QVQAL @ 11 1/8. Except for 1998 (as I've
> > said before when
> > it sucked at only 50+% correct) this signal has been correct
> > 100% in 1997,
> > 1999 and 2000 (so far). We will only use this for options
> > because of big
> > draw downs. We also plan on initiating only one-third of our
> > positions on
> > this signal, and add to it if it goes against us.
> >
> > I didn't get my option orders off this morning as I was too
> > busy watching
> > some 10 year olds running around, but am not too concerned
> > since I still
> > have 30 OEXHT. :( I need about 9 points to get in the black on these
> > monsters.
> >
> > Out of all of my positions, the only one currently in the
> > black is LSI,
> > which we feel is an excellent buy at this level. That might
> > account for the
> > fact that we hold 3,000 shares between us.
> >
> > We missed buying 15 CWYJL Cisco Oct 60 options this morning
> > by 1/4. Oh
> > well, we'll keep trying.
> >
> > Guy
> >
> > Never be afraid to try something new. Remember, amateurs
> > built the ark,
> > professionals built the Titanic.
> >
> >
> >
|