If you have survived swing trading the last 7 to 10 trading days with both your bankroll and mind intact my hats off to you. I know you get tired of listening to my comments about discipline and trade sizing. The difficulty is that these 7 to 10-day events come around often enough that you need to take heed. Otherwise, it’s nothing to blow out your bankroll and more!
How did I do during the last 10 days? You can take a look by going to my google sheet and seeing all closed trades. I had a nice 7 to 10 day period even though my initial premise of buying into the UK vote was wrong. The market gap up on the day prior to the vote kept me out!!! And then I caught the bottom of the move fairly well with some nice profits.
I am out of the longs and still short two positions. Both have small losses right now.
Now it’s just another day of swing trading with the histrionics of the UK vote behind us. Although it’s not out of the news by a long shot. The repercussions of the vote will be with us for awhile. Rumors of other countries leaving, the UK staying will abound the news over the next few months. And then also we have the Fed who my guess is will be back on track for raising rates soon.
Yes, they have been silent with even a hint of lowering rates. But their irresponsible histrionics of a few months does not change the fact that the Fed right now is a loose cannon. At least as it relates to the stock market!
And did I forget elections coming up in November:) I am sure there will be plenty of surprises at both conventions. Along with the not forgotten FBI investigation not being concluded. A lot to keep you on your toes but for now things have calmed down just a bit!
Also, it’s been a rare day with no website or computer emergencies. But finally, I have got the fires put out no thanks to my hosting provider. I will be looking for a new one over the next few months. But for now, I am going to welcome the calm mornings and see how long they will last:)
My game plan today is to look for swing trading short setups if I can find any. We are a bit overbought now but not extreme. Any surprise news would lead this market quickly back to the downside.
If you wish to follow my swing trading you can take a look at my google sheet with the trades posted. It’s up to date right now. And also you can follow @rickswings. It’s my private twitter feed and is free. I plan on keeping it that way for some awhile. Maybe for good. It just depends on how I can allocate my time as most are taken now with my sports handicapping routines.
Good Luck Today
RickJ’s Handicapping Picks