{"id":528,"date":"2009-04-21T17:54:32","date_gmt":"2009-04-21T22:54:32","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=528"},"modified":"2009-04-21T17:54:32","modified_gmt":"2009-04-21T22:54:32","slug":"ibm-pattern","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/ibm-pattern","title":{"rendered":"IBM Pattern"},"content":{"rendered":"

<\/a>I did not identify the pattern<\/a> in IBM today until near the Close. \u00a0 This soured my trading results. \u00a0The pattern in IBM today was to create a support level, hold that level with significant volume, trade higher from this support level, then drop, hold a level lower, and then explosively trade higher. \u00a0Basically IBM would not explode higher until its support level dropped. \u00a0I took rips on two of these drops.\u00a0 But then I made an adjustment.\u00a0\u00a0Let’s discuss.<\/p>\n

IBM 101.50 held, traded up to 101.90 a bunch of times. \u00a0I bought 101.51 and kicked it out a bunch of times on the offer, 75c, 83c, etc. \u00a0I kept making the spread from the long side. \u00a0I kept a core long because IBM was in an uptrend.<\/p>\n

Finally 101.50 dropped and I got flat and short. \u00a0101.35 stuck the bid, and then IBM squeezed back towards 101.90 quickly and painfully. \u00a0I missed the long and I was short. \u00a0Ripper. \u00a0<\/p>\n

Then 101.35 would not drop. \u00a0I made the spread between 101.35 and 101.75 a bunch of times. \u00a0I held a core long position in front of 101.36 because IBM was still in an uptrend. \u00a0I made some nice chops.<\/p>\n

SPY traded below 84.20 dragging the market lower. \u00a0IBM dropped the 101.35 bid. \u00a0I got flat and short. \u00a0101.21 held the bid. \u00a0IBM exploded. \u00a0I missed the long and took a rip short.<\/p>\n

Intraday\u00a0I\u00a0recognized my mistake. \u00a0I did not identify the trading pattern with IBM initially. \u00a0If I would have made a small adjustment initially\u00a0I would have killed IBM. \u00a0Instead I was only slightly positive.\u00a0 Finally, I made an adjustment.\u00a0 101.81 was support.\u00a0 This level dropped and instead of flipping I got flat.\u00a0 When 101.72 held the bid I got long again.\u00a0 I held IBM into the close and\u00a0sold at 102.27.\u00a0 This was a profitable trade.\u00a0\u00a0<\/p>\n

101.85 is a nice level to trade off of for IBM tomorrow. \u00a0Best of luck with your trading.\u00a0 Don’t forget to follow us on twitter<\/a>.<\/p>\n

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

I did not identify the pattern in IBM today until near the Close. \u00a0 This soured my trading results. \u00a0The pattern in IBM today was to create a support level, hold that level with significant volume, trade higher from this support level, then drop, hold a level lower, and then explosively trade higher. \u00a0Basically IBM would not explode higher until … 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],"class_list":["post-528","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-day-trading","tag-prop-trader","tag-prop-trading","no-post-thumbnail"],"yoast_head":"\nIBM 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\/ibm-pattern\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IBM Pattern | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I did not identify the pattern in IBM today until near the Close. \u00a0 This soured my trading results. \u00a0The pattern in IBM today was to create a support level, hold that level with significant volume, trade higher from this support level, then drop, hold a level lower, and then explosively trade higher. \u00a0Basically IBM would not explode higher until ... 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