Well, looks like made the incorrect call to exit runner so far, as NQ down quite a bit. Just didn't want to get ran over if ES took off. Not going long here and was already short from way above, so nothing to do. Taking a break and may be done for the day.
Look at RTY/IWM move up today. Obviously, there is a rotation into small caps....maybe coming from money pulling out of large techs.
Seasonally, we're hitting a pretty favorable zone for the next few days and it gets more so as we move into later in the month. Cycled down into a nice oversold zone on the 2-hour chart.
There's a million posts here where a newbie asks about day-trading and the answers are always the same... "you'll need thousands of screen hours before you'll be successful". Note that last line in my post above. The pre-market high will be an important level to note for later in the day. -vz Know what that is (?).... 1000's of hours of screen-time. The thing with FSLY last night and today, I've seen that show 100 times over the years. There's lots of different scenarios for different kinds of events. But its amazing how those various scenarios will play out over and over again the exact same way. The pre-market high today hit at 7:14AM. The close on that candle was $89.70. The high was $89.82. Look where the stock closed at 4PM: $89.72 Considering this thing had a $9 swing from its low to high, over 57 million shares traded, and every swingin' dick in the market watching it and talking about it... I think I did pretty good. Totally not tooting my own horn here... ok maybe a little... But that's what experience does for ya. I cashed in nicely on this today. Ditto my Twilio call in the other thread with Stoney. https://www.elitetrader.com/et/threads/ideas-for-now.343946/page-180#post-5226955 Nailed that one to the penny too.
M. Gladwell states that “ten thousand hours is the magic number of greatness”. Have you reached that magic number? Btw. is the pre-market low working as well as pre-market high for you? ES: my target for friday is 3500.
Yeah way more than that. That's only 5 years really. 6 or 7 tops if you take time off lol. That's why ya gotta go to the gym everyday (pre-covid at least). Sit on your ass trading and you'll get fat. But ya know even at that.. its not recognizing the patterns that makes one a winner over the long haul.... I can sit sit here and pontificate on what a stock will do tomorrow with amazing accuracy... but that's not worth a plugged nickle if you don't have risk management. Believe me I know. I'm a degenerate gambler and I love big bets. All the screen time in the world is useless if you don't have discipline... because you can be right 75-80 percent of the time.... but one bad beat will wipe em all out. Its true. Been there, done that, ... a bunch. A bunch a bunch. So in that regard, a disciplined newbie can have an edge I think. Its hard though. You're fighting human nature. To this day I fight big bets. Every day. I guess its kinda like an alcoholic... they have to fight to not drink.... traders need a 12 step program too. I'm 100% convinced. That's why most fail. Its not the lack of screen-time, its the psychology of the whole thing. -vz