{"id":501,"date":"2009-04-09T16:33:27","date_gmt":"2009-04-09T21:33:27","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=501"},"modified":"2009-04-09T16:33:27","modified_gmt":"2009-04-09T21:33:27","slug":"amen-corner","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/amen-corner","title":{"rendered":"Amen Corner"},"content":{"rendered":"<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/04\/wfc-04-09-09.bmp\" title=\"WFC 04-09-09\"><\/a>Amen Corner often offers the most exciting holes of golf at the Masters. \u00a0Today 18.25 in WFC was our Amen Corner for WFC. \u00a0There was an easy short below this level when WFC was in an intraday downtrend. \u00a0There was an easy long when WFC held above this level when WFC was in an intraday uptrend. \u00a0Let&#8217;s discuss.\u00a0<\/p>\n<p>First let me say, &#8220;What the ARod Chad Campbell!&#8221; \u00a0Anytime something unbelievable happens on the desk we start our description with &#8220;what the Arod.&#8221; \u00a0And I am a Yankees fan. \u00a0Chad Campbell is -9 thru 16 holes. \u00a0Amazing.<\/p>\n<p>As intraday traders we must be mentally agile. \u00a0I could care less where WFC finishes. \u00a0When WFC is in a downtrend, then I look for opportunities to short. \u00a0I shorted some WFC at 19 when it clearly was in a downtrend. \u00a0I shorted some more when WFC broke to downside after consolidation at 18.50. \u00a0I shorted some more when 18.25 sold a massive amount of stock. \u00a0But then WFC&#8217;s pattern changed near 17.50. \u00a0The offers lifted quickly above 17.50. \u00a0I had not seen offers lift quickly the entire downmove. \u00a0Also WFC stuck near the 17.60 level and did not make a new low. \u00a0I had not seen this during the entire downmove. \u00a0So I covered.<\/p>\n<p>When WFC traded to 18, I shorted again. \u00a0But when WFC showed me its strength holding above 18, I flipped my position. \u00a0I started a long position. \u00a0When WFC traded easily through the huge 18.25 resistance level, I added to my position. \u00a0For the rest of the trading day I bought into pullbacks, made the spread, and held my core long position.<\/p>\n<p>I was mentally agile. \u00a0When WFC was weak I was short. \u00a0When WFC was strong I was long. \u00a0For those interested in an excellent book on technical analysis that teaches the new trader the importance of following the trend, read <a href=\"http:\/\/www.technicalanalysisbook.com\/\">Brian Shannon&#8217;s book<\/a>. \u00a0I utilized the principles that Brian teaches to trade WFC profitably today. \u00a0Though I can also not overlook the invaluable contribution that wearing my Masters polo, while trading today, must have had on my results.<\/p>\n<p>Definitely looking forward to watching the Masters this weekend. \u00a0I will be rooting for Norman, Mickelson, and Couples. \u00a0Enjoy the holiday!\u00a0 Don&#8217;t forget to <a href=\"http:\/\/twitter.com\/smbcapital\">follow us on twitter<\/a>.\u00a0\u00a0<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/04\/wfc-04-09-09.bmp\" title=\"WFC 04-09-09\"><img decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/04\/wfc-04-09-09.bmp\" alt=\"WFC 04-09-09\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amen Corner often offers the most exciting holes of golf at the Masters. \u00a0Today 18.25 in WFC was our Amen Corner for WFC. \u00a0There was an easy short below this level when WFC was in an intraday downtrend. \u00a0There was an easy long when WFC held above this level when WFC was in an intraday uptrend. \u00a0Let&#8217;s discuss.\u00a0 First let &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/amen-corner\" 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":[4676,262,30,18],"class_list":["post-501","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-day-trading","tag-masters","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>Amen Corner | 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\/amen-corner\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amen Corner | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Amen Corner often offers the most exciting holes of golf at the Masters. \u00a0Today 18.25 in WFC was our Amen Corner for WFC. \u00a0There was an easy short below this level when WFC was in an intraday downtrend. \u00a0There was an easy long when WFC held above this level when WFC was in an intraday uptrend. \u00a0Let&#8217;s discuss.\u00a0 First let ... 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He has traded professionally for more than a decade.\",\"sameAs\":[\"https:\/\/www.smbtraining.com\/blog\/bellas-blog\"],\"url\":\"https:\/\/www.smbtraining.com\/blog\/author\/bella\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Amen Corner | SMB Training","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.smbtraining.com\/blog\/amen-corner","og_locale":"en_US","og_type":"article","og_title":"Amen Corner | SMB Training","og_description":"Amen Corner often offers the most exciting holes of golf at the Masters. \u00a0Today 18.25 in WFC was our Amen Corner for WFC. \u00a0There was an easy short below this level when WFC was in an intraday downtrend. \u00a0There was an easy long when WFC held above this level when WFC was in an intraday uptrend. \u00a0Let&#8217;s discuss.\u00a0 First let ... 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