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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. |
What is today's lesson? Don't chase the move. Today's a great example of not having to do much to have a great day. Other's might have caught ALL, TZOO, etc. As the days go by, I hope to keep scouring the market for the best risk/reward opportunities. Even though I'm not trading at the firm, it doesn't mean that I can take it easier on myself. If I ought to start trading my own capital, I expect nothing but 200% a few weeks before live trading again. Looking forward to all the hard work I'll be putting in.
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