Hello Traders,
If you guys were in the TradersRoom.Com/ Password: Remote where I am the lead moderator at then you would have seen how I analyzed the markets and came to the conclusion that the market was going to be a buy on the open. I on the other hand decided to look for opportunities to short weak stocks that gapped into major moving averages or areas on the daily chart such as $LULU. LULU gapped up and ran in the first 5 min bar right close to the 200Sma on daily and underneath the triangle pattern that it had broken down out of. Please refer to my " Stock Market Analysis ** Weekend Edition Video** if you are not sure of the pattern I am talking
about. A quick side note if you were in the trading room today, which looks like most were still enjoying there Turkey Day break, please excuse me for not talking much like I usually do. I know most enjoy my talk show personality lol, but I must have came under some type of bacteria stomach virus and my stomach was killing me the whole day. Imagine your stomach feeling like somebody twisting it like a towel. Yea thats how I felt for most of the day.
Back to my analysis though, the market gapped up and double topped at a key area around the $SPY 120 level. Traders in the chat room could clearly hear me repeat myself in saying, " We keep on failing to break above the 200Ema on the 15 min chart." Once we were not able to break it then the market offered a low risk short with a stop above the high. Next going into the last hour, I was able to identify a triangle pattern that allowed us to get short if you were interested in the short side. The market did however bounce in the last 5 min and like my friend MikeNYC in the chat room says, " Its not over until its over" lol. So you actually could have made some decent coin in some stocks in the last 10 min or so if you were poised and noticed we were right on the pre-market range support on the /ES that we had broken out of in the a.m.
I will be up and running tomorrow and hopefully I get better overnight, either way I will not take the day off and should be in the office with the TradersRoom.Com up and running. If you have any questions email me please. Also I am looking for anybody that is good at building websites and that is not too inexpensive. I am looking to monetize some of my services as I put in a lot of work to provide this information and also know there are a couple of people that wouldn't mind paying for it as well. Have a good night !!
SPY 5 min Chart
No comments:
Post a Comment