Flat week for the indices
Nasdaq Comp +0.41%
Russell 2000 -0.02%
S&P 500 -0.50%
Overall a pretty flat weak which was expected after such a run the last couple weeks. The action was choppy for the most part as there were multiple days in the markets where breakouts would not stick. We had a nice day on friday with some good wins in $axti, $tear, $game $axas etc but the action was still a bit messy as some of the stocks I thought could go H.A.M. just chopped around or stopped me out for small losses. When the market gets a bit choppy like that there are 2 things you can do. 1 is take a longer timeframe on trades so instead of trading things using intraday charts to line up the entry…smooth things out a bit and use a 15 minute or 30min chart that goes back 10 days doing that will smooth out your trades if you find yourself selling everything for small losses only to see the stock reverse and start to fly. Or you can do the opposite and trade much quicker and shorten your timeframes and your profit targets and play things real quick. You have to be real nimble and a pretty damn good trader to be able to do that though…99% of traders can not trade that way. If you cant trade off a daily chart its going to be near impossible for to trade off a 3 or 5 minute chart. When I coach my students I dont let them trade intraday till they can consistenly make money off trading on the daily. Keep things tight next week this end of March, early april season has given us some surprises in the past. For some reason weird things always happen during tax season!
[screencast url=”http://screencast.com/t/ZA7g3mFa3Ti” width=”” height=””]
[screencast url=”http://screencast.com/t/77BlOaSG” width=”” height=””]
[screencast url=”http://screencast.com/t/B4xNTVv7f” width=”” height=””]