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I like to write few words about SPY charts. Monthly chart shows us that SPY reached 10sma support area (month is still fresh and we can know where will be at the end). At this moment that is support area. If SPY won’t hold next bigger support is monthly 20sma. On the weekly time frame, we can see that SPY reached 50sma support area, but also, we can see that SPY still have room to see equal move and 100sma support area. Weekly chart suggests that we still didn’t saw low. Daily time frame will confirm that. Wild daily range action consolidates above support area (this time it is 200sma support area) and consolidation above support suggest that support will be broken. Also, on daily and 60 min time frame we can see big range what reason for all troubles is what we had last two weeks. It is very bad action for swing trading and reason why I mentioned three ways to trade that kind of action. After all we can say that cash is best option, but if you use very small risk then it won’t be problem too. Technically I think that easily we can see another selling round. It is very hard to determine stop for that because range is really big and stop will be big too. But despite of that if only technical analyze will be enough we will find way for that. Problem is that right now we have news driving market and that mean luck is really very big part right now and bring us to gambling mode. I know that is not popular, and I know that can be very frustrating, but also, I know that is not first time in 19 years that I see that kind of market action. Situation is very simply. We must be patient and market will back again, as always do in the past. In the mean time I will give possibilities and it is up to trader what trading strategy will use (big stop, very small risk or cash). Under we can see long list what I will follow for Monday. I don't have bias for future, but I will must say right now I will look for more selling pressure and SPY break under daily 20sma and run to monthly 20sma. But right now, that is just one scenario and my guessing.
Day - swing trade corner
Wish you all good trading
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Trading the Market’s open can be very unpredictable and risky. As a reminder, I will not take any new trade that sets up during the open or within the opening five minutes. If a trade sets up during that time it will be cancelled and I will look for another set up and trading plan. Simply put, any trade that sets up on the open is no longer valid. I prefer to wait at least five minutes prior to taking a new trade. The first five minutes are highly volatile and subject to many false moves increasing the risk greatly. I just want to make everyone aware of the increased risk if you choose to take a trade during this time.
The primary focus is to find Swing Trades. I look for intraday setups that have a potential to become swing trades.Since traders area diverse I do post additional ideas (day trades, position trades and scalp trades). It is up to you to decide which trades are appropriate for your trading style. I do NOT personally take every trade (I don't trade scalp and fast trades). Your success depends on YOU taking trades you understand and like. I am always available to contact for additional trade explanation.
TRADING THE OPEN
During normal market conditions our regular setups generally do very well regardless what time they are taken. Trading right at the open always adds risk. It is recommended that new trades not be taken for the first 5 minutes the market is open. I will treat each new trade that sets up during this time as a gap trade and wait till the stock comes back and takes out its 15 minute high or low.
Trading is risky. It is our job as traders to reduce this risk and increase our chances of success.
Take only the opportunities that you really like and understand. Always enter a trade with a trading plan. If you have any questions, please feel free to ask me. There is a much greater chance of success in your trading if you understand the trade. That is very important. Taking just a few trades is enough to be a successful trader. Over trading is probably the number one reason new traders fail. I personally mostly take swing trades. Please remember to keep that in mind!!!!!!!!!!!!!!!