I was referring to the quote here saying today is just not a good day to be buying. As for me I scan daily charts for stocks to put on a watchlist and trade them intraday on 5 minute charts. Was there something about today that you didnt like for longs? I was long AAPL and FSLR today so far.
When I say today isn't good to be buying stocks, it means the market isn't trending up, most of my stocks on my watch-list are just going back and forth, up and down with no direction. AAPL on the other hand was trending higher so good job. The strength of AAPL just amazes me. But the majority on my watch-list which consist of around 200 stocks weren't trending today which is a signal for me to lay low..
Aug. 21, 2012 The Market consolidated again today which is very good. We're still overbought but you can definitely feel the bull traders alive and strong. I wouldn't mind if we consolidated again tomorrow but I also wouldn't be surprised if we trend higher. Focus tomorrow as it could be a good day..
Real Time Update: 8:55 est. One of the things that I hate so much is a gap up before the market opens especially on an extended market.. It will almost always pull-back which ruins a lot of my set-ups. It is what it is.. There's nothing I can do.. All I can say now is be cautious and be more careful..
Real Time Update: I bought NUE Entry - 40.56 Stop - 40.42 It hasn't gone my way yet so lets hope it goes up..
Real Time Update: I bought MELI Entry - 85.88 Stop - 85.42 As you can see, my stop is wider than usual.. it's because MELI has a wide spread and very eratic. You have to give it some space..
By the way, as you can see I get crappy fills.. I just don't know how to get good fills. Which sucks..
Real Time Update: I bought MOS Entry - 59.4 Stop - 59.19 I'm just behind on my entries today. I'm not happy with how I traded today. I was chasing the stocks which I shouldn't do..
Stopped out on MELI at 85.32. a loss of 56 cents.. I still have my position on MOS and NUE. I'm gonna try to let these stocks run.. MELI did not have a good setup to begin with.. The reason I bought it was because we are trending today and I thought it will be caught up by the market.. I was wrong You take the loss and move on..