The theme for Steve Spencer’s 2012 Webinar Series will be “Do The Right Thing”. On the second Webinar of the year, Steve will discuss Trading Large Gaps. Time: Monday, March 19th,2012 4:15PM-5:00PM Topics shall include: – The importance of pre-market prices and volume – How to use the “news” to develop a bias – When and how to use “the … Read More
Why I Traded MCP Today
My primary stock on the Open was GMCR. It is a classic momentum stock that had fresh news and a large pre-market gap. This type of setup is usually my #1 choice to trade on the Open if available. I have internalized the possible price patterns for this setup having traded it hundreds of times over the years. My second … Read More
Was It Worth Trading?
After the market closed yesterday P released their earnings. It was immediately sold aggressively down to 12.50. A controlled bear flag developed with the next major support about 2.5 points lower. I noticed on the StockTwits stream @ldrogen say the conference call was not going well at all. From the back of my mind emerged my negative bias having watched … Read More
I Love Being Wrong
As a pro trader my bias in a stock is largely a result of the price action. As I observe the price action I start to ask myself questions like what are the other players in the stock doing? What are the big institutions doing? Are swing traders buying or selling now? Are intraday momo traders trying to play the … Read More
My Thought Process: VVUS
I tweeted early this afternoon that it looked like VVUS had put in an intra-day bottom. Here is the tweet. i think bottom is in for $VVUS today. a hold above 20.25 should get it trending nicely Here is a pic annotated that sums up what I was thinking. The long trade didn’t work out as VVUS failed to get … Read More
Trading Is All Psychology
The following news was released after the market closed. 16:31:20 FDA Panel Votes 20-2 In Favor of Approval For Vivus’ QnexaVivus, Inc. (NASDAQ:Â VVUS) received excellent news on Wednesday as an FDA advisory panel has voted 20-2 in favor of approving the company’s weight-loss drug Qnexa. The panel’s decision is non-binding, but it is highly likely that the FDA will follow … Read More
Bias Flexibility
One of the stocks highlighted during today’s Stocks In Play call was GILD. It had gapped lower on Friday to 43 but then trended higher to Open around 46. It spent the rest of the day trading between 46 and 47.20. There was quite a bit of accumulation around 46.50 and it never traded below the key 46 support. Based … Read More
Am I Trading Well?
One of the ways I evaluate my trading is by checking to see if I got back in a stock after being stopped out. As a pro trader I think risk first and profit second. Many times I will be stopped out of a position that trades through my stop price only to see it later reach my ultimate profit … Read More