Live: Wednesday, Feb. 28, 2018

2/28 – 2:15 p.m. New York time

I entered three positions today: FXE, GLD and IWM, all of them bear plays on exchange-traded funds.

2/28 – 2:05 p.m. New York time

I chose IWM for my position rather than SPY because it fit in better with my trade sizing rules, and also had somewhat better implied volatility on an annual bases. Otherwise, there’s no real reason to choose one over the other.

2/28 – 1:50 p.m. New York time

I have entered a position on IWM.

2/28 – 1:30 p.m. New York time

SPY, which tracks the S&P 500, and IWM, which tracks the Russell 2000, have both moved to a downtrend on the daily-chart Fisher Transform, both with bearish Elliott wave counts. I shall pick one for a new position prior to the closing bell,

2/28 – 11:50 a.m. New York time

I have entered a position on GLD, continuing the trade series that began in October 2017.

2/28 – 10:40 a.m. New York time

I have entered a position on FXE, continuing the trade series that began in October 2017.

2/28 – 10:05 a.m. New York time

FXE and GLD, which I exited on Tuesday, continue to qualify as downtrending, and I shall re-establish the positions today with different strike prices compared to the earlier positions.

The major equities indexes continue to show a corrective uptrend within a downtrend of greater magnitude. Once the downtrend resumes at the Elliott wave degree I trade, the Minuette, then I shall look to trade back in.

By Tim Bovee, Portland, Oregon, Feb. 28, 2018

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.

License
Creative Commons License

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on a work at www.timbovee.com.

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