Today the market gapped much lower. But with the past week to two weeks rally, would we shrug off the bad news and continue to buy? Or is this a foreshadowing of a weaker market to come? The answer isn't important to an intraday trader.... and I'm learning to realize this session after session. Once the SPY broke the opening high, it trended up very cleanly towards the previous close and THAT is information that I must trade off of. Here are two stocks in which money could've been made. Once a stock trends, find the buyer and follow him and his order. For this setup, always buy the majority of the position on the bid.
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| Today's session could've been a very difficult one if you were chasing shorts after the Open. With support levels holding, it gave SPY very little room to move. Right now, we're almost at the apex of this declining wedge. Technical Analysis tells us that a hold and breakout to the upside should occur. As always, manage risk in these times and stick with stocks that have clear order flow. Below is a long and a short. |
As of this moment, I'm no longer a member at Kershner Trading Group, but wanted to record my emotions. What a great 18 months this firm has given me! They've taught me so much; even more special, that most was not trading related. Thank you for pushing me towards my first steps as a man. #1 lesson? You work hard for every little inch you get in life... NOTHING is handed to you. Before heading out those doors for the last time, I picked up one last check and spoke with Jason Gardner, one of the most genuine and supportive men in my life... I needed that (not only from the trading perspective). He comforted me with the decision and told me that he thinks there's a better home for me and if I wanted, he'll make the call. Where does that leave me now?
I need a little break from trading live capital. I've been working 80-90 hours the past year and just need a little breathing room as I'll be interviewing for a promotion in Apple in 2-3 weeks. Nothing else changes though. Tomorrow morning I will be up for the market where you'll see me trading... on a demo account. I'm going to trade my own money pretty soon and want to get familiar with the new capital I'll be using. In 2-3 months, I'll be hitting it hard again. Until then? NOTHING CHANGES!!! If anything, I'm going to be blogging a lot more about my individual plays everyday and what I could be doing to improve. I am planning to move back to New York within a year though ;) Go figure.....
I'll see you guys again tomorrow. Looking forward to all the new situations I'll be in the rest of this year. Here's this week's schedule.
