{"id":468,"date":"2009-03-25T16:54:37","date_gmt":"2009-03-25T21:54:37","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=468"},"modified":"2009-03-26T08:21:12","modified_gmt":"2009-03-26T13:21:12","slug":"i-am-not-making-the-same-mistake-today","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/i-am-not-making-the-same-mistake-today","title":{"rendered":"I Am Not Making the Same Mistake Today"},"content":{"rendered":"<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/03\/spy-03-25-09.bmp\" title=\"SPY 03-25-09\"><\/a><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/03\/spy-03-25-09-close.bmp\" title=\"SPY 03-25-09 Close\"><\/a><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/03\/spy-03-25-09-close-7950-level.bmp\" title=\"3-25-09 Close 79.50 level\"><\/a>As traders we search for repeating patterns. \u00a0The last two trading days have offered the same <a href=\"http:\/\/www.smbtraining.com\">pattern<\/a>. Levels were violated into the Close and the market trended into the Close. \u00a0Financials could be bought or sold in the direction of the trend and held into the Close. \u00a0Let&#8217;s discuss.\u00a0<\/p>\n<p>Yesterday into the Close SPY traded between 81.20 and 81.50. \u00a0We broke SPY 81.20 around 3:45 and trended down for the rest of the trading day. \u00a0Today into the Close SPY 79.50 was our trendline. \u00a0Just before the Close we traded sharply down towards 79.10. \u00a0I thought this move was too steep and advised a trader to Close out AMB at 12.75. \u00a0My sense was the market would probably test the trend line at 79.50 next. \u00a0There was no sense holding AMB back towards 13 as SPY most likely tested 79.50.<\/p>\n<p>And we tested SPY 79.50. \u00a0We leaked above it and couldn&#8217;t hold. \u00a0We leaked above it again. \u00a0Time went by. \u00a0And finally we saw a sharp convincing move above 79.50 and in fact above 79.60. \u00a0Go time! \u00a0When we see this our focus must be long. \u00a0And since the Financials are most in play they should be bought. \u00a0It is like going to your local grocery store and shopping for a party. \u00a0Pick up some chips, cheese and crackers, Sam Adams, pretzals, and whatever else is on sale. \u00a0As a trader pick up some JPM, MS, WFC, or whatever else is on sale.<\/p>\n<p>So into the Close I feasted on MS. \u00a0Delicious. \u00a0Never a down move. \u00a0<\/p>\n<p>The market has trended nicely the past two trading days into the Close and you ought to note this. \u00a0Into the Close, Connor, one of our better traders, was asked if he was selling JPM. \u00a0He replied, &#8220;Hell no. \u00a0I am not making the same mistake today.&#8221; \u00a0Well said. \u00a0Yesterday he did not hold long enough into the Close. Today he did. \u00a0That is what we call progress. \u00a0Beers on him.<\/p>\n<p>Big game tomorrow for UConn. \u00a0Not sure if I will have time to blog since I need to focus on preparing mentally for the game. \u00a0<\/p>\n<p>Best of luck with your trading!<\/p>\n<p>\u00a0<a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/03\/spy-03-25-09.bmp\" title=\"SPY 03-25-09\"><img decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/03\/spy-03-25-09.bmp\" alt=\"SPY 03-25-09\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/03\/spy-03-25-09-close-7950-level.bmp\" title=\"3-25-09 Close 79.50 level\"><img decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/03\/spy-03-25-09-close-7950-level.bmp\" alt=\"3-25-09 Close 79.50 level\" \/><\/a> <a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/03\/spy-03-25-09-close.bmp\" title=\"SPY 03-25-09 Close\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As traders we search for repeating patterns. \u00a0The last two trading days have offered the same pattern. Levels were violated into the Close and the market trended into the Close. \u00a0Financials could be bought or sold in the direction of the trend and held into the Close. \u00a0Let&#8217;s discuss.\u00a0 Yesterday into the Close SPY traded between 81.20 and 81.50. \u00a0We &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/i-am-not-making-the-same-mistake-today\" 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":[10],"tags":[4676,30,18],"class_list":["post-468","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-day-trading","tag-prop-trading","tag-smb-capital","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>I Am Not Making the Same Mistake Today | 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\/i-am-not-making-the-same-mistake-today\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"I Am Not Making the Same Mistake Today | SMB Training\" \/>\n<meta property=\"og:description\" content=\"As traders we search for repeating patterns. \u00a0The last two trading days have offered the same pattern. Levels were violated into the Close and the market trended into the Close. \u00a0Financials could be bought or sold in the direction of the trend and held into the Close. \u00a0Let&#8217;s discuss.\u00a0 Yesterday into the Close SPY traded between 81.20 and 81.50. \u00a0We ... 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