Remember when I said the market will either break up or break down? The market chose to break to upside which confirms to me now that we are definitely bullish. However, we just had a big up day today so don't start chasing. In my previous post, I kept saying how I've been waiting for that upside to come and it came today so I'm not expecting too much for tomorrow. Most likely, it will just digest the move and maybe even pull back.
Real Time Update: Entry - I bought ANF at 35.85 Stop - 35.96 The market looks horrific right now. Like I said, we'd probably pull back today and that's what is happening. The only reason why I bought ANF is because it had a good setup.. Otherwise, today is not a good day to be buying stocks.
I got stopped out of ANF at 36.11 = +.26 +.26 isn't much and it's because today is just not a good day to buy. I'm basically done for the day. Market doesn't look that great and it's better to sit and live to play another day..
The most important question traders want to know is can I make a living trading the stock market? The honest answer is most likely No.. Trading is the hardest business I have ever encountered.. I can't even begin to tell you how hard it is.. If there's anyone who tells you otherwise then he is lying.. But I will commit 100% of my time and work tirelessly to be successful you ask! Well, even that's not enough.. Not only do you need to study your butt off, you also need to be mentally prepared which is even harder than the charts itself.. it means u take risks, u dont get greedy, you are patient, you are discipline to not break your rules.. Ok.. if I study the strategies like crazy and prepare mentally, can I be successful now? Nope.. there's one more thing you need to do and I believe this is the most important.. You need to find a Mentor who will guide you and who will sincerely help you be successful.. This is not easy to find but I'm telling you that a mentor is a must.. Then and only then, you might have a shot of making it in this shark infested business..
Aug. 20, 2012 The market was again resilient today.. It didn't give anything back which reveals the confidences of the bulls. 1. SNP 500 - digested the move up from yesterday which is ok. 2. Russell 2000 - Remember when I said that Russell needed to catch up.. guess what? it's catching up now and has gone up big the last 3 days. 3. Financials - its moving away from 15 so that's a good sign. 4. Oil Sector - this has a resistance at 42 and I'm hoping it will break that number next week. 5. Semis - it was down today which I'm actually happy about and I will explain later. 6. Commodities - This could be a bottoming action which could keep the bulls happy for a while. In conclusion, the market is strong but I do believe it desperately needs a pullback which is why I was happy that the Semis pulled back today. As you know, anything can happen and we can keep going up and up and up. Always remember that this is only opinions and the market can do whatever it wants. The most important is you trade your setups and not your prediction.
Real Time Update: 10:35 est. The market is pulling back which is good as it needed to digest the big move up from last week. I had no trades today and basically done for the day. It's a perfect time to watch a movie and relax.
Real Time Update: I bought ALXN Entry : 101.15 Stop : 101.10 ALXN had a higher low setup so I tried it. Very minimal shares only. Just basically gave this stock a try. Not expecting much out of it.. As you can see, I'm only risking 5 cents.
How do you determine that it is not a good day to buy, getting stopped out on a stock like ALXN that has a spread bigger than your stop was? Just trying to get some insight, I am looking to watch a trader who posts in real time, and was just curious about this trade as well. Thank you in advance.
lilbit, Please don't even look at my trade on ALXN. It was not a good trade. You're right, the spread was even bigger than my nickel stop. I had no edge today cause I knew the market was just going back and forth. ALXN is working very well now though which shows my skills are still intact.. lol How do I know if its a good day to buy? Before I even answer that, I need to know your timeframes.. Are you a daytrader? swingtrader?