{"id":2466,"date":"2009-11-09T15:42:50","date_gmt":"2009-11-09T20:42:50","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=2466"},"modified":"2009-11-09T15:42:50","modified_gmt":"2009-11-09T20:42:50","slug":"important-market-and-stock-level-pattern","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/important-market-and-stock-level-pattern","title":{"rendered":"Important Market and Stock Level Pattern"},"content":{"rendered":"<p>We have been waiting for GS to hold above 173.50. \u00a0I quick check of the 5 day in GS will so confirm.<\/p>\n<p>108.10 SPY is an important technical level. \u00a0A hold above and our next important level is SPY 110.<\/p>\n<p>Before the open you should have had these thoughts as an intraday trader: Imagine if GS can hold above 173.50 AND SPY holds above 108.10, then this will be a Trade2Hold.<\/p>\n<p>One of our developing traders met Steve in his swank new office sequestered in a quiet corner of our new\u00a0digs\u00a0(How come I don&#8217;t have an office like him? Who do I speak to about that?) lamenting an early sale. \u00a0I stopped in to get my morning view of the Hudson. \u00a0I have a view of a building and a few streets from my office. \u00a0This trader sold GS at 174 and cursed this sale. \u00a0Our response?<\/p>\n<p>Yeah that was a bad sale. \u00a0It was because a pattern developed that you ought to recognize as an intraday trader that discourages an early sale. \u00a0To be frank when you see this pattern there is tremendous risk in selling too early.<\/p>\n<p>A lawyer might say when you spot this pattern the burden is on the market to show you her weakness.<\/p>\n<p>A trader might say that there is no reason to sell.<\/p>\n<p>I said, &#8220;That was a Trade2Hold.&#8221;<\/p>\n<p>GS finally held above an important level of 173.50. \u00a0And the market was holding above an important technical level of 108.10, with no significant resistance in sight. \u00a0The burden is on the market to show you GS&#8217;s weakness. \u00a0This is a Trade2Hold. \u00a0It is a fundamental trading error to cut your gains to early with this pattern.<\/p>\n<p>Maybe you want to name this pattern the Daily Double. \u00a0Or perhaps the old OneTwo Trade. \u00a0Gotta go. \u00a0Steve is calling me. \u00a0Probably wants to talk about some new art for his office.<\/p>\n<p>Best of luck with your trading! Don&#8217;t forget to <a href=\"http:\/\/twitter.com\/smbcapital\">follow us<\/a> on Twitter!<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-2467\" title=\"GS 5-day11-09-09\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/11\/GS-5-day11-09-09.bmp\" alt=\"GS 5-day11-09-09\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-2468\" title=\"SPY 2-month 11-09-09\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/11\/SPY-2-month-11-09-09.bmp\" alt=\"SPY 2-month 11-09-09\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We have been waiting for GS to hold above 173.50. \u00a0I quick check of the 5 day in GS will so confirm. 108.10 SPY is an important technical level. \u00a0A hold above and our next important level is SPY 110. Before the open you should have had these thoughts as an intraday trader: Imagine if GS can hold above 173.50 &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/important-market-and-stock-level-pattern\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,10],"tags":[],"class_list":["post-2466","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-mike-bellafiore-bellas-blogs","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>Important Market and Stock Level Pattern | 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\/important-market-and-stock-level-pattern\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Important Market and Stock Level Pattern | SMB Training\" \/>\n<meta property=\"og:description\" content=\"We have been waiting for GS to hold above 173.50. \u00a0I quick check of the 5 day in GS will so confirm. 108.10 SPY is an important technical level. \u00a0A hold above and our next important level is SPY 110. Before the open you should have had these thoughts as an intraday trader: Imagine if GS can hold above 173.50 ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/important-market-and-stock-level-pattern\" \/>\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=\"2009-11-09T20:42:50+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/11\/GS-5-day11-09-09.bmp\" \/>\n<meta name=\"author\" content=\"Bella\" \/>\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=\"Bella\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script 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