Have you had a hot streak during the early years of your trading career and thought to yourself, “This is it, I’m finally making some consistent money!” Only to then make a few bad trades that put you in a slump and have you questioning if you’re ever going to figure this game out? I know I’ve felt that way before, the majority of us probably have. And if you haven’t, well you’re not reading this article anyway so go keep being the bad ass trader that you are some place else, like on a tropical island somewhere! Continue reading
BAC - Been holding above the gap from last week very well and has been holding in this really tight range that I think is poised to break tomorrow. needs to get above 15.30c with volume, because I think that can lead it into the next big gap above 15.41. I am in some 15x calls that expire next week.
NFLX: What was once oversold has now become overbought but those periods of price action can last longer than you might expect so I’m open minded to even more momo here. Anything > $400 targets upside res tests @ $405-$407, $410, $414-$417, $420. Losing $400 targets sup tests @ $395, $390-$387, $385, $382-$380. There’s been a big bounce and a new uptrend established so there could be a big pullback without breaking the new uptrend. Key immediate term trend support resides between $380-$370 and will be moving higher week to week (as long as the uptrend holds). Have to see what a pullback looks like to get an idea of a clearer reference point support area. Continue reading
With summer fast approaching and everyone thinking of their awesome vacation party plans, I just wanted to touch up a quick topic that everyone seems to be discussing and that is how should to handle trading in the summer or in ‘summer-like’ conditions. As we all know the markets are cyclical, which means there is going to be times when opportunities are plentiful and there are going to be times when opportunities are scarce. As a trader we should all understand that we don’t have a fix income and that if there are no trades then there are simply no trades. If you are trying to trade the same amount of volume during a slow-paced period as you would a fast-paced period, you will most likely get burned. This is definitely a mistake that I see lots of people make time and time again. When there are no good setups, there is nothing wrong with making zero, which is always a greater number than any negative number.