Patience is core skill for any trader, and for a momentum/scalp trader like myself, adding some more patience to my game has been a hard challenge to tackle. As I mentioned in my post last week, one of the major adjustments I have made to my trading is that I am being far more selective with my setups, and I … Read More
Putting the Pieces Together
I highlighted SEED today during our Stocks In Play meeting. I mentioned a few levels that I thought would be important and how I would trade it from a bigger picture perspective. I talked about how AMZN traded yesterday and the level I viewed as the best possible entry for a long trade. I then discussed AIG and highlighted some … Read More
SMB Setup for the Close for December 1, 2009
Today, the Market rallied and found resistance around SPY 111.60. The levels we are watching into the Close are 111.20 for support and 111.60 for resistance. Below 111.20, we expect a move down to 110.80. Our best idea into the Close is to buy RIMM on a pullback close to 59.90. Tgts, 60.40 and 61.00. Don’t forget to follow us … Read More
Don’t Fight the Trend…. Save
We teach our traders to follow the trend. I certainly can fade stocks. For three years this is how I more than paid the bills from 03-06. And this fading period cemented my tape reading skills. So it’s not that I would never advocate fading as a strategy. Just not now. Not in this market. Well save a few … Read More
SMB Morning Rundown for December 1, 2009
Today, the Market appears set to open higher as positive developments in Dubai and the weakness in the dollar have helped lift the futures. The levels we are watching in the SPY are 110.50 for support and 111.40 for resistance. Above 111.40, we expect a trend day up to 113.00. However, if the market starts holding below 110.50, we expect … Read More