BUY HIGHER SELL LOWER
I am officially changing my trading style and now will just trade one strategy, buy higher opens and sell lower ones. Of course the "traders" who bought this open have been fleeced big time just like the suckers who shorted yesterday's lower open.
My trading style of trying to buy lower and sell higher has been working well and I will stick with it. Buying breakouts and selling breakdowns has been a disaster lately and I expect that won't change any time soon.
My QQQQ short is working pretty well and I will stick with it for now even though the overbought status is diminishing. The QQQQ seems to have been repelled right at its 50 day SMA and a further drop would not surprise me.
The oils continue to trade lower and I will be watching for an entry point on the OIH/XLE tandem as their 2 day RSI'S get into buyable ranges (under 10).
posted by DAVID at
2:04 PM
2 Comments:
I'm still wondering why it went up yesterday afternoon. Since there was no real reason (cease fire in Mid East - right) I didn't think it would be up today. I trapped 125 gap-ups this morning at 9:45 (5 gap-downs) and that was just in my narrow price band - Then I sequenced through them for half an hour and watched them all collapse back where they came from. I took one trade and made buck fifty and change. (I don't short - too much effort).
Any time I get that many gap-ups I just know that the market can't sustain the pressure and it has to collapse under its own weight.
Anyone who doesn't believe it is "them" (the brokers) vs "us" (the traders) after this morning needs a headectomy to get it out of the dark place where it resides.
Have a good weekend.
John:
I think yesterday was a lot of beginning of the month 401k/savings money-today the traders fleeced the retail "gotta buy the open rip" buy and holders
Post a Comment
Subscribe to Post Comments [Atom]
<< Home