{"id":412,"date":"2009-02-25T17:15:49","date_gmt":"2009-02-25T22:15:49","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=412"},"modified":"2009-02-25T17:15:49","modified_gmt":"2009-02-25T22:15:49","slug":"buy-to-wynn","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/buy-to-wynn","title":{"rendered":"Buy to WYNN"},"content":{"rendered":"

<\/a>I traded WYNN today.\u00a0 It was a very good intraday trading stock.\u00a0 I have noticed lately that stocks are being bought differently in this new market.\u00a0 Let’s discuss the trading in WYNN today to explain.<\/p>\n

The market has sold off from 13,000 to today’s close of 7270.\u00a0 WYNN has sold off from 110 to today’s close of 21.75. \u00a0 Lately it takes time for stocks to trade higher after buying is identified.<\/p>\n

21.60 was a significant intraday level in WYNN.\u00a0\u00a0 WYNN was in a downtrend trading between 21.25 and 21.60.\u00a0\u00a0\u00a0 WYNN had trouble trading above 21.60.\u00a0 It finally did.<\/p>\n

Now normally after a stock like WYNN traded above 21.60 we would expect a quick upmove.\u00a0 In fact, if after WYNN cleared an important intraday resistance, and did not trade higher quickly, we would assume that this was a fake breakout.\u00a0 This may be the case in today’s market, but I have noticed that there is also another possibility.<\/p>\n

Stocks have taken longer to trade higher after significant buying is identified.\u00a0 Lately it is not unusual for WYNN to take out the resistance level of 21.60 and not trade higher immediately.\u00a0 Lately a 21.60 level is cleared and a stock like WYNN slowly buys on the bid.\u00a0 And this is what we saw today in WYNN.<\/p>\n

WYNN traded above 21.60 so I started a long position.\u00a0 But I expected a bid to step up above 21.60 and hold.\u00a0 This did not occur.\u00a0 A 21.60 bid did appear.\u00a0 But that bid often dropped.\u00a0 There was some buying at 21.60, the bid would drop, and then offers were cleared on the downticks.\u00a0 WYNN was being bought at 21.60 it was just being bought slowly and carefully.<\/p>\n

I saw this same pattern in PCLN and MFE last week.\u00a0 It is not my job as a trader to spend much time figuring out why this is.\u00a0 It is my job to recognize this pattern<\/a>.\u00a0 And this has certainly been the pattern in the stocks I have been trading lately.\u00a0 The upmoves just take sooooo long to develop.<\/p>\n

As you can see from the intraday chart WYNN eventually trades higher.\u00a0 WYNN made a very nice move from 21.60 to 22.87 before it reversed.\u00a0 But the move took time to develop. So going forward I will be more patient when I spot significant buying.\u00a0 I will give my stocks more time to trade higher since this is the pattern of late.<\/p>\n

Lastly 21.10 is an important level in WYNN.\u00a0 It could not trade below there today.\u00a0 21.10 held three times. I will set an alert for this level.<\/p>\n

Good to be back at my real job trading.\u00a0 It took a great deal of work to prepare for my two presentations at the Trader Expo.\u00a0 Sorry I did not have time to blog.\u00a0 Thanks to Alex for his help with the presentations.\u00a0 Thanks to Emre for his help with the videos.\u00a0 Thanks to GMan for working his tech magic so we could pull the whole thing off. \u00a0\u00a0 Thanks to Roy for setting the whole thing up.\u00a0 And of course thanks to Charlie for just being Charlie.<\/p>\n

Best of luck with your trading!<\/p>\n

\"WYNN<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I traded WYNN today.\u00a0 It was a very good intraday trading stock.\u00a0 I have noticed lately that stocks are being bought differently in this new market.\u00a0 Let’s discuss the trading in WYNN today to explain. The market has sold off from 13,000 to today’s close of 7270.\u00a0 WYNN has sold off from 110 to today’s close of 21.75. \u00a0 Lately … 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":[10],"tags":[4676,29,30,18],"class_list":["post-412","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-day-trading","tag-prop-trader","tag-prop-trading","tag-smb-capital","no-post-thumbnail"],"yoast_head":"\nBuy to WYNN | 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\/buy-to-wynn\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buy to WYNN | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I traded WYNN today.\u00a0 It was a very good intraday trading stock.\u00a0 I have noticed lately that stocks are being bought differently in this new market.\u00a0 Let’s discuss the trading in WYNN today to explain. 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