More consolidation. It seems like its going to be a test of patience for stock traders. And it just happens to be a successful trader that is top on the list of traits to have.
Myself I am slowly accumulating a long portfolio to take advantage of the high probability trade that a breakout to the upside from this consolidation will occur. But its never 100% so my goal is to reasonably keep my risk in check while positioning myself in the chance I am correct in my analysis. We will see:)
So far my gld trade is working out very well. It’s the largest trade in my portfolio at the moment and has a nice gain. pre-market gld is up .60%. This is a system trade I have followed closely over the years. It has a high-Profit factor along with a very low drawdown %. These can turn on a dime but as long as it stays solid I am sticking with it.
I am also going to be looking to still accumulate more longs during this consolidation and keep my fingers crossed that Turkey or the other multitudes of geopolitical risks do not blow up overnight. Keep in mind that if any risks do blow up we are looking at a 1,000 pt immediate drop in the markets. It is sort of like sitting down at the table with Robert Deniro and Christopher Walken in “The Deer Hunter”! Well, maybe not that extreme:)
If you want to follow some of my trades you can go to @rickjswings. It’s free and will remain so until I can put the time and effort I put into the handicapping side of this site.
Typically I make a few comments after the open and share many of my trades.
For those of you that are thinking about signing up to our handicapping group for the football season, the special I have going now has great value. The closer we get however to the middle of this month the less value the special will have. So if you thinking about it join us now.
More on sports a bit later
Good Luck Today
RickJ’s Handicapping Picks