Sunday, January 11, 2009

Shortcuts

FXP and IYR

5 comments:

Bob Brill said...

Joe-
Thanks, as always.

1) In general, wonder if you want to mention your day trading style as target of your "picks" assuming that is the context you intend. Lots of folks who hold overnight grabbed FXP during its cascade down and have sworn off trading it, tho remain interested in shorting select individual components of FXP.

2) Building on 1) I assume you found the IYR short chart more attractive than long SRS. Any comments you can share?

Cheers,
Bob
P.S. Readers click an ad for Joe on your way out ;-)

upsidetrader said...

Hey Bob,
First IYR, I found it to be less funky and estoeric than SRS although i love SRS for day trades only, I'm short IYR in my longer term account along with short RTH and long SKF.

As far as FXP goes I made about 15 points in a couple of days on my last recommendation, some followed but held way to long, that's why i day trade or hold a day maybe two, still not a swing trading market, hasn't been in over a year.

I like the look of the chart again (fxp) but wont get long unless it gets over my price, i will then consider the market environment and the volume at the time.

It's not just charts with me although that is 85% of it, also sentiment and psychology,

Hope I helped answer your question and thanks for your great contribution to the blog and stocktwits.

Upside

Steve said...

Hey Upside,

Just want to clarify your previous post.

Lets say IYR breaks 33.40 on strong volume and all of your other conditions are satisfied.

Do you short it right at the moment IYR breaks through 33.40, or do you wait to trigger your short only after the break and a slight retracement upward occurs in order to avoid chasing it? Thanks!

upsidetrader said...

steve
good question, a little of both actually-if market as a whole is tanking i will short right at the number usually, otherwise i may have to finesse the trade a bit-short a little, and wait for a bounce and then short more

Sail Away said...

Of the sites you list under idea flow, which of those do you like the most/think is the best? Other than slopeofhope, since that's where I first saw you...

Also, out of curiosity, is the way you trade now and find trades the same as it was when you managed your fund?
scott

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.