Early in the day, I booked my profits on the BWLD short trade.
Then, everything started to fall apart on Biotech. The IBB and BIS trades issued an alert and I bought a 1/2 long BIS. During the day, Biotech plunged, pulling down the whole health sector, including EW. I had raised the EW Stop at $147.9 and sold when this stop was reached. Then, much lower, I realized that the issue was not linked to EW itself and I repurchased 1/2 of EW.
EW then bounced nicely at the end of the day, and I felt lucky...
However, BIS fell back down and I felt unlucky, but decided to buy another 1/2 position.
The stop is set at 35.5, which is about 4% below the entry price. This is the portfolio's riskiest position.
I also bought a long SDS when the 20DMF showed that the price spike was not supported by the MF.
The stop was set above the HOD. Because the short position has now gained, the risk is down to 0.44%. This is very limited risk.
Finally, I opened a short IRM on a very weak EV pattern.
The ORCL position is doing fine.
All in all, I am now 80% short and 10% long.
If the market bounces today, then I'll have to adapt some positions. The most probable position changes will be in SDS and BIS. SDS is ahead, but BIS is just break-even (and it is a leveraged bet.)
The trade ideas for today are below. The portfolio has its 5 positions and hence, today will be a position management day.
The portfolio is still under-performing the general market, but at least it has broken free from the ugly yellow quadrant.
Situation of October 21.
Situation of October 8.