Hit and run market action continues. Nice rally at the open after high beta “FANG” names like AMZN, NFLX, FB,GOOG managed to hold Monday’s low. If you were watching those names at open, (You should because this high beta names provide biggest range for short term trading and moves big with general market move, reason they have in the blog everyday lately) beautiful trade opportunity on those. Check out the AMZN $24 dollar run from the lows!
After that they couldn’t sell fast enough and trapped some short along the way.Typical bear market action. Violent bounce without any follow through. If you chase , you will be in deep pain. Always sell the rip.
SPY Old support is the new resistance.
Over 187 Bulls will gain some confidence to push the indices higher to next big resistance 190. We will continue day trading high beta names via buying dips and selling rips with defined risk vs. reward and a tight stop. This is the type of market, if you are long and doesn’t have a defined stop loss, you will be “a deer caught on headlight” and your short term trading positions will become a long term loosing investments!If you are struggling with your trading or learn how to trade you need to join our 60 day Bootcamp course. Our program is designed in such a way that you come out of it ready to trade live in just 3 months. We teach you everything from risk management to scanning to trading strategies. I also share my profitable intraday trading strategy which will make you money short term regardless of Market condition. The class is one of a kind, see why you should sign up for the course here . You will also have access to a private community where you can ask questions, share charts and talk with the instructors or other traders. You can also check out the testimonials from our students.
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