{"id":11591,"date":"2011-05-15T14:58:28","date_gmt":"2011-05-15T18:58:28","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=11591"},"modified":"2023-06-13T09:45:05","modified_gmt":"2023-06-13T13:45:05","slug":"trading-with-a-bias-can-make-your-job-more-difficult","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/trading-with-a-bias-can-make-your-job-more-difficult","title":{"rendered":"Trading with a Bias: Unlocking Strategies to Overcome Market Challenges (Stock: WFMI)"},"content":{"rendered":"<p>(this post was originally written May 1<sup>st<\/sup> and refers to the price action in WFMI from 4\/28\/11)<\/p>\n<p>Let me start by saying as an intraday trader it\u2019s ok to have a bias but your mind needs to be open to all different possibilities.\u00a0 A stock is gapping up, my bias would be long, gapping down my bias would be short.\u00a0 But, you need to be flexible.\u00a0 So, a stock is gapping up will there be profit taking? Will there be a gap fill? Will there be a strong drive and an uptrend for the rest of the day?\u00a0 Will there be a pullback?\u00a0 So, a stock is gapping down will there be panic selling?\u00a0 Will there be buyers ready to buy at these cheaper prices?\u00a0 Will it fill the gap?\u00a0 Your mind needs to be flexible with these set-ups throughout the day.\u00a0\u00a0 Here is a trade that I didn\u2019t take this week, that is eating away at me.\u00a0 And the reason I didn\u2019t take the trade is because my \u201cBIAS\u201d got in the way of my favorite set-up and trade.<\/p>\n<p>Stock: WFMI<\/p>\n<p>Gapping down below 65. Next Support: 61<\/p>\n<p>Yes I caught the third down leg of the stock, but I was looking for more weakness since the stock was in an overall downtrend.\u00a0 And when I saw the stock holding higher I was looking for a resistance area to get short and play it for the new lows.\u00a0 Yes, my bias was short but if I were to just trade the stock without my bias then I would have made a great trade!!<\/p>\n<p>As you can see on the chart the stock got below 61.\u00a0 It was holding below so I held some of my short when it got above I got flat.\u00a0 As you can see it began to hold above support but couldn\u2019t get above 61.20.\u00a0 A huge buyer came in and took in 150k shares or so right near support.\u00a0 That was the clue I need to see the pattern change and the stock to began to reverse.\u00a0 With a target at 62.80 based on where I saw it fail on the Open<\/p>\n<p><strong>Spencer commen<\/strong>t: \u00a0I would also point out that the tight horizontal consolidation was for about 30 minutes which made a break in either direction more likely to follow through.\u00a0 I look for 5 bars or more of this type of consolidation after 10:00AM.\u00a0 I think Sammy\u2019s 62.80 target was somewhat ambitious but certainly 62 where it failed 3 times between 10:30 and noon was a reasonable target and still justified being long from a risk\/reward standpoint.<\/p>\n<p>Also, Sammy&#8217;s most profitable trade setup in April (his best month so far) was on reversal trades. \u00a0Therefore, it made perfect sense for him to take this trade.<\/p>\n<p>Here\u2019s the chart:<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/wfmi-april-28th.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11594\" title=\"wfmi april 28th\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/wfmi-april-28th.png\" alt=\"\" width=\"590\" height=\"370\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/wfmi-april-28th.png 590w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/wfmi-april-28th-300x188.png 300w\" sizes=\"auto, (max-width: 590px) 100vw, 590px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(this post was originally written May 1st and refers to the price action in WFMI from 4\/28\/11) Let me start by saying as an intraday trader it\u2019s ok to have a bias but your mind needs to be open to all different possibilities.\u00a0 A stock is gapping up, my bias would be long, gapping down my bias would be short.\u00a0 &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/trading-with-a-bias-can-make-your-job-more-difficult\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":11594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,1533,456],"tags":[],"class_list":["post-11591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","category-sammys-blog","category-trader_development"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trading With a Bias Can Make Your Job More Difficult | SMB Training<\/title>\n<meta name=\"description\" content=\"Learn how trading with a bias can be detrimental to your trading success. Avoid it.\" \/>\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\/trading-with-a-bias-can-make-your-job-more-difficult\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trading With a Bias Can Make Your Job More Difficult | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Learn how trading with a bias can be detrimental to your trading success. Avoid it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/trading-with-a-bias-can-make-your-job-more-difficult\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2011-05-15T18:58:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-13T13:45:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/wfmi-april-28th.png\" \/>\n\t<meta property=\"og:image:width\" content=\"590\" \/>\n\t<meta property=\"og:image:height\" content=\"370\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"sspencer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"sspencer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/trading-with-a-bias-can-make-your-job-more-difficult#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/trading-with-a-bias-can-make-your-job-more-difficult\"},\"author\":{\"name\":\"sspencer\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/8eabc642d328f902a341eb510c67ef27\"},\"headline\":\"Trading with a Bias: Unlocking Strategies to Overcome Market Challenges (Stock: WFMI)\",\"datePublished\":\"2011-05-15T18:58:28+00:00\",\"dateModified\":\"2023-06-13T13:45:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/trading-with-a-bias-can-make-your-job-more-difficult\"},\"wordCount\":472,\"commentCount\":9,\"publisher\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/trading-with-a-bias-can-make-your-job-more-difficult#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/wfmi-april-28th.png\",\"articleSection\":[\"General Comments\",\"Sammy's Blog\",\"Trader Development\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.smbtraining.com\/blog\/trading-with-a-bias-can-make-your-job-more-difficult#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/trading-with-a-bias-can-make-your-job-more-difficult\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/trading-with-a-bias-can-make-your-job-more-difficult\",\"name\":\"Trading With a Bias Can Make Your Job More Difficult | SMB Training\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/trading-with-a-bias-can-make-your-job-more-difficult#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/trading-with-a-bias-can-make-your-job-more-difficult#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/wfmi-april-28th.png\",\"datePublished\":\"2011-05-15T18:58:28+00:00\",\"dateModified\":\"2023-06-13T13:45:05+00:00\",\"description\":\"Learn how trading with a bias can be detrimental to your trading success. 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