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Day - swing trade corner
Gap down will be and we could see selling pressure at least in the morning. Technical SPX is right under 20sma and weekly 200sma what is right now resistance area. I don’t know we can see double bottom or maybe new bottom, but for sure odds for that are open if morning low wont hold (I truly hope that our COST short will bring us some good action). Because of that I will bring myself again in patience and watching mode. If we take a look at March action, we can see that patience was really good decision and again we had enough trading chances. So please be smart and careful. We must be patient as hunters right now.
GPK - long 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 Simply put, any trade that sets up on the open is no longer valid.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!!!!!!!!!!!!!!!