Morning folks. Market looking at a pretty flat opening so far. Today is going to be a tough day as every positions into the fed meeting then repositiosn then repositions the reposition. Its that type of market and this type of day typically is always very challenging with wild swings to both sides. Ive often found fed days to be very hard to get an edge as often the market will tend to swing one way after hearing the fed talk then totally reverse into a different direction catching everyone leaning the wrong way. I expect no different and will probably stay on the sidelines or shorten my timeframes considerablly to catch a reversal at some point. Not easy and if you cant sit in frnt of the computer and daytrade or scalp its best to just sit out and watch everyone play the casino. In terms of where the market is …we saw another opening gap reversal (which has been the norm) which was pretty much the high of the day. As soon as we ran into the 20dma we reversed immediately cascading lower pretty much the whole day. overall not much conviction from people to hold positions into today and it was obvios…lot of people blew out of everything on that opening gap. We pretty much did the same thing..sold our longs for good scalp gains and then went short via shorting banks and going long gold. Stay tight today its going to be tricky. If your having trouble trading come check out in our chatroom we have been nailing it everyday for weeks in this mess of a market. We were 5 for 6 on alerts yesterday with some great gains in AOne, faz, dgp. if you want to see my style of trading in action check out my latest trade review video https://bullsonwallstreet.com/2011/08/trade-review-aone/ which we sold our last shares for 13% gain. This sums up my style of trading and the type of plays i look for when market will give them to us.
