Swing Trading BLOG – Swing Trading BOOT CAMP
Well let me start off this update by telling you that for some reason I cannot log into my esignal account.
With that being said I will try to update the charts for this post as soon as I can log back in.
Well the BULL keeps on keeping on!
Traders watched as the market moved to NEW HIGHS this holiday shortened week.
Tuesdays low volume sell off was followed by 3 days of up side continuation put the market into NEW HIGH territory.
This recent move has the indices moving through the highs that were established earlier in the year.
This comes after banging into this level a few weeks ago and pulling back a bit closer to the 50 day SMA.
The price action and volume patterns we saw in the market this week were damn near text book perfect.
Both day and swing traders jumped on stocks and ETF's that were breaking out of nice chart patterns on increased volume.
The "big boys" $GOOG, $AAPL and $AMZN all continue to rally.
The Financials and Homebuilders were rockin with $XHB, $GS and $JPM making some nice moves to the UP side.
Gold, MIners and Silver all gapped up and rallied to close the week.
If you look through all the charts you will see we had quite the week!
This weekend I listened to a lot of people talk about getting into the market.
After hearing that I would tell you short terms traders out there not to chase this market.
Sometimes a runaway BULL move can be a move that whacks your trading account in a big way.
Novice and part time traders often think that because the move is so strong it really doesn't matter how, why and where the enter a position.
The think they don't need a trading plan.
I can tell you first hand that this is the furthest thing from the truth.
Chasing a move can lead to quick losses.
These losses will shake your confidence in a hurry if you aren't careful.
Once you lose your confidence the game is over…period.
Rarely do you see someone succeed when the are trading "scared money".
As a professional trader you learn to let your trades come to you.
You learn not to chase a move.
You learn that this isn't the only move you will see in the market.
You learn to never force a trade.
There will be plenty of moves in the market…I guarantee it.
Patience is the key.
As we go into next week just remember that.
Until next week…Good Trading to YOU!
