Long Candidates: None Short Candidates: QDEL DV MELA MYGN HOGS The problem the last 5 days is that my scans have not produced very many long trades in fact today was the best day for (number of trades) in a long while and again the majority where shorts. When the market is bouncing like this and stocks do not confirm the movement, it "usually" means the move can not be trusted. During periods like this I think that even the best of the best spin their wheels and make marginal returns and a trader can only extract what the market has to offer. This is typical of random market conditions and that's what I would consider the last 5 days in spite of the rally.
Any chance you could go through the rest of their similarities? Or is it just that one? Further what time frame are you looking at to determine the market reaction/conditions as it approaches or moves away from one of these key levels? Are you looking at Volume changes/extremes are it approaches these or just price changes and velocity? Thanks I am enjoying the thread
I think what they all do / did well was understand at what point in space and time, the path of least resistance was located. If you can wait patiently (something I'm not doing the last few days) then you can find trades where it's almost impossible for the stock to do anything but move in the "expected" direction. Most people will not want to wait and prefer to engage the market all the time and that's just silly. I do like to trade a lot but that being said I know the times when the market is almost a sure bet and when it's random. I personally trade larger size when my bias is the strongest (versus times like the last 6 days) where I can find no "strong" bias and no confirmation.
% OFF OPEN -.76% Loss I'm embarrassing myself this week guys but IT HAPPENS. It's really important to keep your MONTH in focus during weeks like this and all it takes is one good day to wipe out all these small losses and turn things right around. Thurs. Candidates: Long Candidates: NANO NTGR Short Candidates: STLD NU SIGM RRR I still do not see any conviction for long trades as this market makes new highs. I'm going to trust what I see and stand aside on the longs till after the first hour.
Stick a fork in it she's done. SPY has spent it's load and I'm exiting the 2 longs here (sorry) and holding the shorts. In all honesty I'm netting out only 2% on the NANO trade even though it's up 9.92% right now.