Today's market gap up was a screaming fade as the NASDAQ and Q's hit a wall of resistance on the open. The first pullback felt like it might rally but just ended up chopping around. Lunch time became the prime opportunity to look for a low risk entry on a weak stock. There were several candidates but I finally went with NVDA because it consolidated the first leg down in a tight narrow range as it waited for the downsloping 10 period MA to catch up to price.
2 comments:
Hello jamie. I just discovered your blog and you have enlightened me. I have a question for you. Would you say that you can pretty much make money almost on a dialy basis? thanks! Keep up the great work. I am learning so much.
Russ
Hi Russ, and welcome to the blog.
My plan calls for taking money out of the markets 4 out 5 days a week. I don't always trade on options expiration Friday's because of the narrow trading ranges. Fed statement days are also increasingly difficult to trade. Tues., Wed., and Thurs. are usually the best days.
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