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Day - swing trade corner
I like to wrote few words about market moment. Daily indices charts (DIA, SPY, QQQ) suggest that we could see correction from high. Of course, that without initial move we can't know what to expect (from technical side). Because of that trading risk for swing trades increased and please keep that in your mind. I brought few ideas, but I want to note again that trading risk is higher so if you have enough patience it will be good to trade with very small risk, or just to wait few days what will be with market action. On indices daily charts we can easily see that we have upside running chart without much rest (rest period is what we need for reasonable trading risk) and that is reason why right now trading risk is higher. I have few more ideas on my list like: FAST, UTX, PFE, or CGC but I'm not ready to jump right now and I will just follow them for now. If will be any updates as usually they will come out in the trading room and over email. If anyone will have any question please feel free to contact me.
GDX - long trade
CAMP - long trade
TWTR - short trade
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 Simply put, any trade that sets up on the open is no longer valid.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!!!!!!!!!!!!!!!