I had a great day today. I traded UVXY as usual but this time I stayed focused and remained patient. I truly was a trading sniper. I have been looking over intraday charts for UVXY and I noticed that most of the time the best entry point was always between 7:00-800 am Pacific time. I have been burned a few times by entering too early and now I see why. The price action is pretty predictable. By 8 am it should be obvious wheter you are going to go long, short or just stay out. What I like most is the stock moves with the SPY inversely and it helps having that as a gauge. With the SPY hitting record highs, I knew there was a chance for a small pull back. I took advantage of that pullback and went long on UVXY. The trade took a total of 2 hours and I scaled into it. I exited the trade in quaters on the way up. My last sale was near the high of the day. I finally made over 1000 in one day. It felt great to make a solid come back after Tuesdays disaster of a trade where I lost control. I usally trade 1,000 to 1,250 shares so it really doesn't take a big move to make much money. Also, this has been my best month so far in terms of positive days. I have only had one negative day this month (it was a big negative though). I really feel like I am starting to improve and my numbers support that. I used to trade AAPL but predicting price action was dificult and I feel the price is manipulated somewhat. Also, the range just isn't there like UVXY. UVXY currently trades in the mid to low 20 dollar range so buying a decent position is easier since my account is small. I could never buy 1000 shares of AAPL. The most I have ever bought of AAPL was 600. The bulk of my profits to date come from AAPL but now UVXY is closeing in on it. As long as the market stays volatile I will continue to just trade UVXY. I have success trading long and short. Also, I am getting a gut feel for its price action as well. Still, though, rules come first and gut feeling really isn't somting that should be relied upon. I have 2 accounts at Interactive Brokers and they are linked. For some reason only one account will post trades automatically to this site. The other acccount I have to manually enter the trade in. I will enter it in after they finish their server maitenance.
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