I have increased some one-one-one mentoring with a few developing traders. Their goal? To make a significant leap forward during this earnings season. During our discussions my goal is to help them limit their trading to their best setups. Here’s a thought that just keeps coming back to me. The market offers 100 windows that you can look into. My … Read More
My Thoughts Trading Intraday (MCHP)
Here are my trading thoughts for MCHP on the Open. 1) Short below 33.50. Steve, @sspencer_smb, mentioned 33.50 as a level during our AM meeting. MCHP was gapping down below long term support of 34 and impressively overall. Below 33.50 and I started a short position. This was not the easiest play as there was some volatility above and below … Read More
Inside a Trader’s Brain (SPY)
1) Short. Aggressively Short. Europe was down across the board 1 percent. We had new specific breaking bad news in Italy. Our markets have climbed very quickly of late. The next support level in SPY is 132-132.20. Or much lower. For the intraday trader fading below this level on the long side is poor trading. There are some traders with … Read More
Where the Psychology Changed
There are so many indicators one can use for technical analysis. If you spend some time with experienced traders many will tell you they use very few indicators to none. Hmm. The new and developing trader would be surprised at how clean most charts look for many successful traders. Steve uses very few indicators. Adam is a huge proponent of … Read More
Why the market didn’t roar this week
Wednesday after the Close we brought our traders into our training room and started talking about a game plan above SPY 134. A profitable trader is first a prepared trader. The market was consolidating close to this level. Above and the market might run. Towards the conclusion of our meeting I asked all of our traders to send to each … Read More
The Thoughts of a Professional Trader (OVTI)
Here are my thoughts trading OVTI on the Open 7/6/2001. 1. Opening Drive Play. OVTI gaps down with fresh news. During our SMB AM Meeting Steve mentioned OVTI starting to move that he found from the SMB Scanner. This is a very cool new tool which we built for our desk that shows the stocks we want to consider before the … Read More
The Thoughts of a Professional Trader (BIDU)
Here was my thought process in BIDU today. 1. BIDU is below the important Premarket support so I am looking for an Opening Drive to the downside. I feel very smart after the 3 point downmove. 2. BIDU bounces after it fills the gap but I find an area of intraday R. I feel very smart after finding this level … Read More
Want to Make it as a Trader?
Guest Post from Fred Barnes This musing on intraday trading may come off as a bit harsh and simplistic, but I think subconsciously maybe that is what I intended when I decided to pen this piece (initially as an email to a few traders friends). Here’s the premise for this piece: trading is “blue collar” work. If you want to succeed … Read More