{"id":10115,"date":"2011-02-28T21:33:00","date_gmt":"2011-03-01T02:33:00","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=10115"},"modified":"2023-08-02T16:57:24","modified_gmt":"2023-08-02T20:57:24","slug":"bias-shmias","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/bias-shmias","title":{"rendered":"Bias Shmias!"},"content":{"rendered":"<p>One of the most frequent confessions I hear from developing traders is that they couldn&#8217;t change their bias when the price action\u00a0<a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/02\/jks-long-term.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-10119\" title=\"jks long term\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/02\/jks-long-term-300x210.png\" alt=\"\" width=\"300\" height=\"210\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/02\/jks-long-term-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/02\/jks-long-term.png 650w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>warranted such a change. \u00a0They develop a bias as to which direction a stock will trade and hold on to their viewpoint despite overwhelming evidence to the contrary. \u00a0I have even heard there are many experienced traders who deal with this issue as well. \u00a0Lack of mental flexibility is a burdensome trait for a trader to have to carry. \u00a0It is a career shortener.<\/p>\n<p>This morning I talked about JKS in the AM Meeting. \u00a0They had a blowout quarter and raised guidance going forward. \u00a0It was gapping up big in the pre-market and had more upside potential I believed. \u00a0Based on the longer term chart and the Intraday Fundamentals my first thought was to consider the different trading patterns it could offer me the opportunity to get long. \u00a0I decided my best bet was to be long if it was holding above 32.<\/p>\n<p>The market opened and a funny thing happened. \u00a0It quickly traded below 32. \u00a0Then it traded below 31.50 which was the price I decided would be my &#8220;line in the sand&#8221;. \u00a0In other words if it got below this level I would no longer consider JKS a good long candidate and possibly a short candidate that could fill its large gap. \u00a0Whether I would look to short JKS would mainly be determined by the third SMB Trading Factor: The Tape.<\/p>\n<p>The intraday technicals were indicating a potential gap fill in the first 15 minutes of trading. \u00a0If I began to see concerted selling on the tape as well then I would move from neutral to a short bias. \u00a0I saw such concerted selling at 30.30 and then at 30.10. \u00a0 There was also a good amount of buying around 29.80 so I made a mental note to be very short if it began to hold below that level.<\/p>\n<p>As you can see from the intraday chart below JKS began to hold below 29.80 at noon and had very clearly defined support around 29.50. This presented the cleanest short opportunity all day. \u00a0I talked about this consolidation on my Stocktwits.tv show at 12:30PM (at the 1:30 mark). \u00a0 I think my trainee was watching because he sent me a gchat later in the day about his &#8220;57 cent chop&#8221; \ud83d\ude42 He has only been trading for a little over a month so you can understand his excitement&#8230;.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/02\/jks-on-stocktwits.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-10131\" title=\"jks on stocktwits\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/02\/jks-on-stocktwits.png\" alt=\"\" width=\"513\" height=\"288\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/02\/jks-on-stocktwits.png 641w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/02\/jks-on-stocktwits-300x168.png 300w\" sizes=\"auto, (max-width: 513px) 100vw, 513px\" \/><\/a><\/p>\n<p style=\"text-align: center;\">\n","protected":false},"excerpt":{"rendered":"<p>One of the most frequent confessions I hear from developing traders is that they couldn&#8217;t change their bias when the price action\u00a0warranted such a change. \u00a0They develop a bias as to which direction a stock will trade and hold on to their viewpoint despite overwhelming evidence to the contrary. \u00a0I have even heard there are many experienced traders who deal &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/bias-shmias\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,14,8,456],"tags":[],"class_list":["post-10115","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-intraday-levels","category-steven_spencer_steves_blogs","category-trader_development","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bias Shmias! | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/bias-shmias\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bias Shmias! | SMB Training\" \/>\n<meta property=\"og:description\" content=\"One of the most frequent confessions I hear from developing traders is that they couldn&#8217;t change their bias when the price action\u00a0warranted such a change. \u00a0They develop a bias as to which direction a stock will trade and hold on to their viewpoint despite overwhelming evidence to the contrary. \u00a0I have even heard there are many experienced traders who deal ... 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