{"id":8104,"date":"2010-11-03T21:57:01","date_gmt":"2010-11-04T01:57:01","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=8104"},"modified":"2010-11-03T22:00:20","modified_gmt":"2010-11-04T02:00:20","slug":"paying-attentioncommunication","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/paying-attentioncommunication","title":{"rendered":"Paying Attention+Communication=$$"},"content":{"rendered":"<p>We have written many times about the importance of reviewing charts each night for a variety of reasons. \u00a0One such reason is to spot patterns that seem to be most prevalent during a particular market period. \u00a0Since earnings season began a few weeks ago I was noticing that quite a few stocks that were trending down in the morning were reversing course and trending up for the entire afternoon. \u00a0Does it surprise me in a market with a strong underlying bid that eventually weak stocks are finding buyers intraday? Of course not. \u00a0Do I feel very comfortable being long stocks that are reversing in this trading environment. \u00a0Of course I do. <a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/ctsh-reversal-black.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-8124\" title=\"ctsh reversal black\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/ctsh-reversal-black-300x210.png\" alt=\"\" width=\"300\" height=\"210\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/ctsh-reversal-black-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/ctsh-reversal-black.png 650w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>On Monday we saw CTSH get clobbered in the AM. \u00a0It reversed course and trended up very cleanly for several points. \u00a0Yesterday, I saw the same pattern unfolding in TEVA so I decided to tweet it and share with the traders on our desk. \u00a0It trended up until the close and continued in the same uptrend this morning. \u00a0Today, EOG was on our radar and trended higher very cleanly for over two points in the afternoon.<\/p>\n<p>I discussed this reversal pattern with one of our more experienced traders yesterday so he would start scanning the market for similar setups. \u00a0I had no idea that he actually had lost money in CTSH shorting into the uptrend Monday afternoon. \u00a0Our discussion plus the pain of the loss he suffered in CTSH was a catalyst for him to catch the reversal in EOG today. \u00a0That makes me happy.<\/p>\n<p>One of my mentee&#8217;s popped into my office to discuss EOG midday. \u00a0He wanted to know if he should look to short it at 88. We reviewed the charts of CTSH and TIVO, which provided a very clear answer to his his question. \u00a0No, don&#8217;t look to short EOG at 88 but if it gets above 88 and holds then get long and look for it to trend higher. \u00a0I am happy to report he did just that and made his biggest chop in his short three month trading career.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/teva-reversal-black.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-8125\" title=\"teva reversal black\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/teva-reversal-black-300x210.png\" alt=\"\" width=\"300\" height=\"210\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/teva-reversal-black-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/teva-reversal-black.png 650w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/eog-reversal-black.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-8126\" title=\"eog reversal black\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/eog-reversal-black-300x210.png\" alt=\"\" width=\"300\" height=\"210\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/eog-reversal-black-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/eog-reversal-black.png 650w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We have written many times about the importance of reviewing charts each night for a variety of reasons. \u00a0One such reason is to spot patterns that seem to be most prevalent during a particular market period. \u00a0Since earnings season began a few weeks ago I was noticing that quite a few stocks that were trending down in the morning were &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/paying-attentioncommunication\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8,1373],"tags":[],"class_list":["post-8104","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","category-trading-lesson","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>Paying Attention+Communication=$$ | 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\/paying-attentioncommunication\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paying Attention+Communication=$$ | SMB Training\" \/>\n<meta property=\"og:description\" content=\"We have written many times about the importance of reviewing charts each night for a variety of reasons. \u00a0One such reason is to spot patterns that seem to be most prevalent during a particular market period. \u00a0Since earnings season began a few weeks ago I was noticing that quite a few stocks that were trending down in the morning were ... 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