Market managed to close green but it has to be one of the saddest green close ever.Bulls just can’t get any momentum going! On my last post i posted chart for leader stocks TSLA, AMZN and FB and mentioned they were finally showing sign of weakness. They all broke down finally and bio tech stocks still in liquidation mode. Bio tech index ugly intra day reversal but still manged to hold Monday’s low. Bulls need to hold that low and build some upward momentum so that a bounce can last more than a few hours. If your day trading it is important to day trade with specific setups and techniques for this type of market. You need to learn to day trade both ways long and short that is one of the keys to day trading when the market is under its major moving averages.
We were able to catch the early morning bounce in bio via 3X ETF, LABU for some decent gains . If you follow me on Twitter , posted LABU trade live.
I am still watching bio names for meaningful bounce. It is very hard to short them this oversold, so risk/ratio still favors a bounce. Some bounce will set them up again for short later. If you are playing bounce, please make sure to set a low risk stop and respect it or you might get caught like a “deer in headlight” if the trade doesn’t work out. It is tough trading out there but if you are a trend follower and an educated trader , this type of volatile Market provides big rewards via both long and shorts ,as we keep on banking all time high gains in our trade room alerts !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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