Today, as in many days, we see the bulk of the movement occur before the 9:30 bell. Today’s action, however, did trigger a bearish breach and offered up some retest and retreat entries for shorts. Narrow range? No problem, wait for the trigger and don’t get too greedy. Here is a walk-through of the Dow.
It seemed like today that the follow-through would never come and then suddenly the opportunity came. That’s sticking with the plan. However, I am aware shorts are always under the threat of a “trade war optimism” headline like today. A couple down days in the market and like clockwork, we see the “progress” and talks back “on track” … so what is a daytrader to do? Keep Calm and Stick with the Process.
In this video, we talk about the 2 day dip in the market and how I think the small selling will likely give us the break needed to take us even higher.
Here is the current watchlist for DIA, IYT, XLC, and more. The process of using multi-charts and trade flags makes this simple and accurate. Having a well-built watchlist is the first and most important part of getting the trade right.
Sure, trading is about controlling risk, but the other side of the risk control coin is knowing when to take profits. In this video I explain how we managed today’s bullish but choppy session.
