Since I passed on the opportunity to get short on Monday, things have been very boring. Althought the markets are now oversold there are literally no interesting long set ups and the odds of making money on short positions is now very low as the markets can now bounce significantly from these over sold levels in only a single day.
So unless your a day trader or atleast trade off intraday charts and hold for no more than two days then the optimum place to be right now is in cash. That is where I will stay unless we get a weak bounce that I short into. I know it is very difficult to stay in cash and simply watch the markets day to day. However, it is the right thing to do for the time being until "easy money" conditions comeback again.
Until then good luck and good sitting!
Journal of my thoughts and trades on the path towards achieving a consistent monthly income from day trading!
Thursday, July 1, 2010
Subscribe to:
Post Comments (Atom)
MY DAY TRADING RULES
I will ONLY put stocks BREAKING OUT OF DAILY CONSOLIDATIONS TO NEW HIGHS OR NEW LOWS ON HIGH RELATIVE VOLUME from my DAY TRADING SCAN into m...
-
I stumbled up on the chart of DLLR while surfing the net tonight and decided to add it to my focus list for tommorrow. DLLR did pass through...
-
Generally speaking I like to trade pull backs in momentum stocks. Even when I am looking for position trades; I prefer to enter off a pull b...
-
For some reason the early weakness in the markets caused me to panic somewhat and so I tightened up my stops but I just realized that I was ...
No comments:
Post a Comment