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-Going over your trades from the day

-Going over my trades from the day

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Identifying Trend: The Anatomy of a Trender

One can be confused when you see a chart.  Is it making higher lows for a long or is it making lower highs for a short.  If you can find the important levels that it builds upon, you can figure out which way the stock is likely to go.  Trends are like building blocks, they build on top of each other.  

But, no it is not a long.

Price action

In my last webinar I did for bulls on wall street, I mentioned how price action plays a big rule into how I trade.  It is a very tough thing to explain.  In lamest terms, price action tells you if a price moving in a certain direction has been accepted or not.  If it is accepted, it should continue in that direction.

Here is a quick post about how I used price action today, confirming my bias of a bear flag.

My thinking on NFLX was it was already extended and profit taking was most likely taking place.  I let it dump and put in a bear flag.  You could have argued it was rounding up, which I was thinking in my head.  But as soon as it was rejected at these higher levels, that price action told me it was going to head lower.  It did so in a hurry, giving it a nice $1.50 on the initial move.

Facebook did pretty much the same exact thing.  My bias already was that it was building below a bunch of resistance (Previous support became new resistance)  Once I saw my wick, I knew it had failed and was off to the races to the down side.

I think this is a pretty good example of  what I mean about price action.  I hope this helped explain a few things.  Go Pens!

Watch-list 4/13/2016

Market Review 4/1/2016

Happy April, fool.  Solid end to my disciplined week.  Exceeded my daily goal before 10:15.  It just took 2 trades to do that.  Had a lot of things on watch, mostly oils for r/g, but the gap down shifted my attention to Facebook and Netflix.  Ideally I wanted a gap down or wash out to get long.  FB did just that NFLX on the other hand started the day strong.

One of the things my buddy Jon Schrager and I have really been focusing on is the trend of the stock.  Its pretty easy looking at both the daily chart of the SPYs and these 2 stocks, NFLX and FB that they are in an uptrend.  Lets think about the psychology of this.  Take FB for instance.  There are 2 scenarios we have been discussing.  The first-  You are short over night, it gaps down and near support.  What are you likely to do, probably take your gains.  Second scenario-You missed the previous run.  You see its back at the break out area, now you see an opportunity to get long the stock. Us day traders want to take advantage of this emotion of the market.

You might see a break of the previous days low and think its a short.  No it is not.  There is support under it and day 3 of pullback in a UP-TRENDING stock.  So you need to have a bias of a long here.

My charts froze so I missed that pivot long but hit the pull back entry.  Easy flag after it went green.  Now I just sold into resistance.  Since it continued to build over levels another entry presented itself on the pullback to the 20ema.  Its all about the bigger picture.

Once it held the levels from previous day and flagged, I knew there was a high probability of it going.  Took a long at 103.20 and sold at 103.17.

Focusing on the bigger picture and trend is what makes these plays trade-able and profitable.  The morning, although can be wild and confusing, but once you have a plan stocks move clean and right to areas of resistance/support.  I used to hate the morning because I didn't have a plan.  Now I do and it seems easy to me.  Just can't get too cocky or the market will humble me.