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Tony Sanfilippo had added an SP500 long position to hedge his FXP position (which is a short of the Chinese Stock Market Index FXI). He banked that profit and utilized the $5000 gain to offset his current loss of $7000 in FXP. This allows him to increase his position from 1400 shares to 2400 shares and change the stop to $13.90, down from the original $15.70. Essentially, the hedge of long S&P500 helped save $5000, but now that $5000 is at risk here.
My SP500 trading strategy outlined at the meeting is chugging along with three (3) closed profitable trades of 1R or $7000 profit so far. As of now, Thursday at 11:38AM, the SPY is 1 Range (avg range over 11 days as of yesterday's close is $1.95)below today's high of 93.15 which provided an entry long at 91.20 and has a target to exit at 93.15 with a stop at 3 x 1.95 down from 91.20. It may seem unusual to risk 3 ranges to make 1 range, but that is how I set up the trade. For those of you who know me - silver is my favorite long term, fundamentally based position and as of April 22 it is up from $12.19/oz to over $14/oz with an average range of $0.33. This means that silver is up more than 5R or 5-ranges. Recall we risk 3R or 3-ranges when we enter any position. That R is calculated using the last 11 days of True Range. I can explain true range at our next meeting.
Overall, the portfolio is relatively quiet, with overall profitability very quiet and within $6000 either side of breakeven. With so many opinions on the short side of the overall equity market this month, we are doing well to just breakeven. Here's hoping you are all doing well and look forward to seeing you later this month at Bogey's Grill in Westport.
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8 comments:
Tim's SPY trading trading just hit the 4th 1R profit target at 93.15 just now! Back to cash and buy a dip of 1R from the high reached in this rally.... note the spreadsheet link and see for yourself.
Friday, May 8th 2:51PM
Tim Allabashi would like to book his profit here @ 3:49PM on Friday, May 8th with FXA (Aussie Dollar etf) at 76.83 last. Nice Job Tim Allabashi!
Tim West's SPY trading strategy update: again hit a profit on Friday at 93.15. Today's drop from that high of 93.22 was enough to trigger another entry of a long position, down 2.05 (new ATR) or at 91.17. The new instructions to exit are now 93.22 or 6.15 pts down from 91.17. Tim 1:01PM Monday, May 11th
Tony would like to re-establish his long SPY position to hedge his short FXP. 2:44PM Thursday May 14th.
Robert Daries called me to exit his long position in PG, but to stay short the SYY position. PG is now at 54.30. SYY is at 23.70 at 10:56AM, Wed May 20th
Tony Sanfilippo would like to remove his hedge on his SPY position today at 88. See spreadsheet. May 21, 10:16AM
Just closed out QID position, Hoping into enter into QLD later today if Nasdaq looses more than 50.
Entered QLD yesterday - out this morning at 9:30, hopped into QID for half hour while market turned down before the long holiday weekend - made some $ and out for the long weekend.
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