Ugly day in the market after SPY failed to take out 50 MA and gapped down. Leader stocks tried to recover but failed at open causing “failed move=fast move type” of action.
I posted on the last blog that leader stocks like AMZN, NFLX are in “do or die” zone. They all decided to die. Check out how beautifully they were trading down on Friday.
If you follow me on Twitter, I was posting live short calls on these stocks as we were hitting the shorts in chat room. SPY little oversold but oversold market can stay more over sold. So the plan is, if market opens green then i will be watching for a green to red type move to add some shorts, If market gaps down hard, I will be watching some bounce plays with tight stops. Tough market out there, if you are not sure what are you doing, it is better to stay out until volatility settles. 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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