+250 -250 nothing to it except your sanity. Trying to trade volatile markets takes an unusual kind of skill. Swing trading becomes next to impossible as your stops become almost worthless and hinder you and not help. So the only thing to do when moves start getting wild is what we did before …take short-term trades and take profits quicker.
Right now that is where we are at.
I put on several swing trades yesterday and so far most will be underwater at the open. Depending on how the internals look will decide what I am going to do shortly after the open.
September historically tends to be a tough month for longs. And it’s starting out to be a very challenging month. The idea is if your having a good year do not let the September doldrums take you out.
On a short-term basis, the bias is still to the upside however with the gap down this morning the bias to the upside will get stronger from a contrarian view. I missed the mean reversion trade on the open yesterday as $ADD was -1500. Historically that is not a good number to start putting on trades as it in an indicator for a trend day. That is one thing you want to avoid fading.
And a miss it was as it most likely would have been the mean reversion trade of the year!!!
But I am not one to say woulda coulda shoulda and that rule has served me well and I will continue to carry out in my trading.
If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. It’s my private twitter feed for the stock market and its free. Sports Handicapping is the subscription-based part of this site. But considering the cost of joining it’s almost free:)
Good Luck Today
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