Long Side Trades Ruled The Day Again. Here’s How We’re Trading It Right Now.

Welcome back! We’re going to take a look at a handful of things. Let’s take a look at what’s hot and how we’re trading it. The big thing that we’re watching right now is the Nasdaq. It’s really important that everyone understands exactly where we’re at. We’re having multiple doji stars. Don’t get caught up in the lingo. All it means is a period of indecision. When we have buyers come in, we have sellers smack it down and vice versa. What’s happening is we have the long-term resistance levels. We still have to watch the Russell. It’s slowly coming up while we’re making progress on the other instruments. We have double doji stars and have the markets coiled up for more moves. The last time I said this was right before the big move on Friday. So, what we’re looking for is to see if we can repeat that process from last Friday on the Dow and the S&P in particular. The Nasdaq has been lagging a lot of issues and troubles so we want to see if that can resolve itself. We want it to get it above this long-term resistance above this 70/75 area. If we can get through this 7100 level on the Nasdaq and the 26000 number on the Dow. If we get through this 1590 area on the Russell then what happens is you have blue sky above. In the meantime, I’ve been focusing on long-side trades. I’ve been telling you since the end of December. Every day my focus is to look at long-side trades. If you’re going to do a swing trade, the only way to go is long keeping in mind your risk parameters.

Right now today the key things we’re focused on trading was the S&P, Crude Oil and you can see why. We had a lot of signals firing off to the upside. We had good trends up in the backdrop and firing off buy signals. Then there’s a nice continuation trades. In fact, continuation trades are something I’m going to be talking to you about on Friday at that special class that you’re all invited to as a follow up to the Wealth365 Summit. On Friday, I want to hit this with you again. There are lots of good trading opportunities like Inventory Retracement bars, Reverse IRBs, Gotcha Bars, Fish Hooks, Minis and different types of setups for continuations for these types of trades. It all starts with getting great entries and then looking for continuation entries and reentries. That’s why I continue to focus on long-side trades on the intraday basis.

Going into the next few days, I’m going to be looking to see which way do we break out of this consolidation. Do we fail at these resistance levels and look for aggressive sells or do we break out and have this rip roaring to the upside. On the intraday basis until we get down below the speed lines, I’m going to focus on longside trades. On a swing trade basis, it’s the same thing. I’m going to get more aggressive until we clear these resistance levels I’ve been telling you about.

I’ll be able to do more for you this Friday. I have so much more to share with you. It’s going to be at 10 a.m. CT/11 a.m. ET. Great time to be there. You’re not going to want to miss a minute of it. Go to www.becomeabettertrader.com/class.

We’ll look forward to seeing you at that very special event. Have a great night!

Leave a comment!
Read previous post:
Long Side Trades Ruled The Day But What About The Bigger Picture? Here It Is.

Welcome back everyone! I have a special edition of tonight’s video for you. There is a great mentorship group here...

Close