Very interesting...I haven't daytraded stocks in many years, but the mechanics of how/why so many of these stocks will bottom and run says something... Makes me wonder about all the component stocks of Russell 2000 which has outpaced every other index since last Friday's lows...alot of energy stocks in there as well, but seriously this move is something else...around 8% in less than 5 TD's.
LOL, i gues its more than just support/resistance i also use feel, but i could very much see this turning into a bear trap especially on a friday, and the risk reward is there where if you take this setup every single time you will be profitable over time, but its still not something im going to touch.
we have a Friday after lunch...dragging along and boring. This would be the time and place to which they might let it drop a good bit and churn more squeeze. They sure as hell aren't gonna let it drop monday morning after such a good run. NVDA looking good crude is dropping a bit after that news...might bring ES down a bit
Out half at 25.71, free trade now if it breaks above 26.3 incase you all cant tell im very much about making my trades free when they present you the chance, it saves me so much heartache at the end of the day rather than holding out for the homerun all the time.
Yeah that's a very good skill...feel. The other day when you shorted near the open rode it down and it failed to follow thru, you knew to bail...This is where I envy "outright" traders because it's easy to just hit the bid and exit...I can get a bit stuck with alot of positions in options, but my reluctance to over hedge on rallies has cost me...Sometimes I need Visaria's flat out mega-bullishness to check myself.
Stop at 26.01 on the rest not exacltly what i was looking for but still a profitable trade no sense fighting this if it wants to go higher.
Its all about knowing what your good at and what your bad at, i got my start as a scalper who was mostly profiting off of Rebates, so i got real good at just putting myself in positions where a stock was likely to pivot, and just reacting to which way it went based on the pivot. Im very bad at holding on too good positions, but i know this is a weakness, i leave so much deadwood on the table its insane, but over the years ive found that the most painful emotion is not taking a small loss for me, but its allowing a profitable trade to turn into a loser. So i mostly just scalp my entry based on level 2 and suppoort/resistance, then i am very quick to move my stopout the second a position starts going for me to breakeven. I miss most homeruns like this, but i dont walk away frustrated at the end of the day at the money i leave on the table.
Out the rest of NVDA here most likely chicken shit move at 25.8, but i had my stopout queded up two seconds ago so im happy to take the profit, thoguht for sure theyd push it through the even dolar to get me.