NAS100

Where are we headed?

When to go flat
Use IWM chart, it's the only chart you need to see major market turning points
https://www.tradingview.com/chart/IWM/FhcK18Fr-When-to-go-flat/

We're still headed UP - we are in an uptrend. It DOES NOT MATTER WHY. Just buy the dips, put in your stops, and buy the next dip. As your trades increase in profit your marhin will also increase, so buy more. It snowballs.

Raise your stops - trail. When you are flat from stops, take a look at the bigger chart, the daily and 4 hour IWM. Plan your next move ahead of time.

I'm long NAS100 now, since it is at all time highs, I'm using IWM for direction.

Stay tuned

https://www.tradingview.com/chart/g6e1EeUT/

MT4 Info

There is Tick, PIP, and Point. They are all different in general. A tick is the smallest change of price. A Point is the least significant digit quoted. In currencies a pip is defined as 0.0001 (or for JPY 0.01)

On a 4 digit broker a point (0.0001) = pip (0.0001). [JPY 0.01 == 0.01] On a 5 digit broker a point (0.00001) = 1/10 pip (0.00010/10). Just because you quote an extra digit doesn't change the value of a pip. (0.0001 == 0.00010) EA's must adjust pips to points (for mq4.) In currencies a tick is a point. Price can change by least significant digit (1.23456 -> 1.23457)

In metals a Tick is still the smallest change but is larger than a point. If price can change from 123.25 to 123.50, you have a TickSize of 0.25 and a point of 0.01. Pip has no meaning.

This is why you don't use TickValue by itself. Only as a ratio with TickSize. See DeltaValuePerLot()

Market is going down?

It sure is!  And it will continue to go down.  Sell your stuff and enter in another year.
Trade a reverse ETF or sell the ES futures.
Here is a chart that I'm following (by me) that you can take a look at.

Questions?

SPY headed DOWN DOWN DOWN by AnotherBrian on TradingView.com

UPRO

UPRO is an ETF.  A 3x S&P 500 ETF.

UPRO Chat Room


I day traded it twice and am liking it.  Today I made more in 2 hours than I did all day at work.

I was inspired to use the "Active Trader" buttons in my Questrade IQ platform, by this guy in this video.  I typically use limit order, even when daytrading and found it to be to time consuming.  So after today, YES - this is my other method for very short trades.

If you day trade SPY or UPRO or any other of the SPY related ETF's, you should drop by the stock twits chat room and say hi.