{"id":8199,"date":"2010-11-05T16:58:56","date_gmt":"2010-11-05T20:58:56","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=8199"},"modified":"2010-11-05T16:58:56","modified_gmt":"2010-11-05T20:58:56","slug":"you-dont-need-to-be-a-hero-when-trading","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/you-dont-need-to-be-a-hero-when-trading","title":{"rendered":"You Don’t Need To Be A Hero When Trading"},"content":{"rendered":"

This AM I tweeted that I thought LVS was getting a bit overdone. \u00a0These words of caution were intended to put those still trading it on the long side on alert for a possible blowoff top and reversal. \u00a0LVS at its peak today had moved up 40% from its pre-earnings closing price. \u00a0Too much too fast. \u00a0Those who bought on the break above 45 last week and were tweeting like drunken sailors today how it would trade up to 70 were definitely being setup for a vicious down move.<\/p>\n

But the fact that LVS was becoming extremely overbought in the short term is not a sufficient condition to get short. \u00a0I was just relayed a story that a big time trader was shorting LVS all the way up today and was marked down 100K. \u00a0After LVS reversed and sold off three points they were up 100K. \u00a0Nice comeback but was it necessary for them to have taken so much pain on the way up. \"\"<\/a><\/p>\n

One of the most popular expressions on SMB’s desk right now is that when a stock changes “character” it means it is time to take notice. \u00a0When LVS had a hard down move below 54.25 the momentum had clearly changed for the day and it made sense to short it with a downside target to yesterday’s close of 52.<\/p>\n

Great job for those who were able to catch the reversal. \u00a0But if you were also getting killed on the way up you should ask yourself if think there are easier ways to make money trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

This AM I tweeted that I thought LVS was getting a bit overdone. \u00a0These words of caution were intended to put those still trading it on the long side on alert for a possible blowoff top and reversal. \u00a0LVS at its peak today had moved up 40% from its pre-earnings closing price. \u00a0Too much too fast. \u00a0Those who bought on … 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":[1,8,3],"tags":[1376],"class_list":["post-8199","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","category-technical_plays","tag-p","no-post-thumbnail"],"yoast_head":"\nYou Don't Need To Be A Hero When Trading | 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\/you-dont-need-to-be-a-hero-when-trading\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You Don't Need To Be A Hero When Trading | SMB Training\" \/>\n<meta property=\"og:description\" content=\"This AM I tweeted that I thought LVS was getting a bit overdone. \u00a0These words of caution were intended to put those still trading it on the long side on alert for a possible blowoff top and reversal. \u00a0LVS at its peak today had moved up 40% from its pre-earnings closing price. \u00a0Too much too fast. \u00a0Those who bought on ... 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