Down day in the market as SPY finally broke both 20/50 MA and trend line support we talked about in the last post.
Biotech, we had our one day bounce since last post , downtrend continued today as it hit our secondary 100 MA support and bounced
Oversold and completely out of the Bollinger Band. If we hold today’s low via making a higher low at open or retest and bounce off today’s low i will be looking for a bounce on some biotech names. Some of the individual bio names are becoming candidates for “Rubber Band Snap Back Bounce”, If they gap up, wait for an intraday 1-2-3 type setup instead of chasing them. If you are struggling with your trading or learn how to trade these setups 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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