I am busy setting up trades in the am. Her is how I trade.. i look at the daily chart adn I give myself a bias for the the next day based on the daily chart. I then trade on that bias for the day. Last night i said if mkt is up like 100 on teh open then sell it.. if it sell sofff rom yesterdays high then buy it. 7:45 mkt hit low and it has been buy the dips ever since.. look at a 1 min chart.. volume lower on the sell offs then rallies.. volume higher then rallies.. you obvioulsy cannot be scalping here or you will get stopped out easily.. if i am trading the spy .. I set a stop of at lest 50 cents.. be convicted trade a plan and trade a target. i look at a trade before I enter and I say.. okay if I am wrong is it likely the market will be able to stop me out? If my 50 cent mark is in teh middle of support.. then I will sometimes gos 70 cents etc.. you have got to give the market wiggle room people.. my target on half is 1:1 and so 50 cents profit.. adn the other half .. i try to hold as long as I can. I use my screen time to help me see what the market might do.. those of you who are scalping.. unless it is for fun should stop wasting your time and trade.. trade fro targets..not time. I am curious though.. if I ws to make a recommendation.. it will not be all that often .. maybe once or twice a day.. I wait and i wait and i wait until i see something i believe in then I pounce on it. Traders do not gt paid by the hour..we get paid by being smart.. I'll throw a reco out everyonce in awhile.. should I post it here or start a new thread.. jaytrade reco? I think I will start new thread called jay trade reco. when I have an Idea Lastly.. I try to decide if I am going to be buying or selling to open new positions for the day.. sometimes I flip flop from being a buyer to a seller but his normally gets me in trouble.. it only requires half as much work to look for good buying opportunities to open .. or good selling opportunities to open.. than trying to constantly be looking for both.
mkt has gone posi.. financials are doing well... LOOK to BUY THE DIPS..... there will be a lot of support on teh way down if ti starts to drop
the last move in the spy or es was what i consider to be a small dip. there is still mroe selling to come.. then look to buy so long as mkt does not start free fall.
if we make a lower low here look to start buying aroudn support 124.70 to 125 and hold i use support as a band rather than an exact level.. i try my best buy or sell within my band we are seeing some of the "more selling " i was talking about" simon thanks for the hi res pics of cramer and Mr.t... I pitty the fool anyone trading oil or uso.. i thiknk it spikes higher in the next 5 10 minutes uso at 81.97
for those of you who feel like we missed a buyijg opportunity its okay we will get another chance.. stick to your plan .. I am waiting for 125-124.70 my quick call on oil was completely wrong oil selling will give our stock mkt even more strength.. I am amazed that oil is selling off so much with the dollar down a lot.. so to me.. you will get a chance to buy oil on this huge dip