Home > Apprentice Trader Journals, Beginner education > Keep It In Your Pocket

Keep It In Your Pocket

Today was a day to try and keep your losses to a minimum. In the morning session  there was not much follow through in the market and most profitable trading were stock specific ideas. I also found in my personal trading today that when I did identified a good trade idea developing there was not much volume going through the system which made price action very whippy and level two print were not consistence.

Some stock did have good intra-day price action that could have been taken advantage of if you paid attention to support/resistance levels and focused of foundation candle stick break to confirm the intra-day idea. The SPY did test the 113.00 level again in the afternoon but failed to stay above this level and came back in into the range. As the SPY was trading at the top of the range a-lot of the traders at Keystone notice the there was not a-lot of volume behind the move and very little stocks were creating new high as the market was trading at it’s intra-day highs. This signaled to us not to take long to aggressively and/or wait for conformation that these level were going to hold before initiating a new trade.

The over all theme is that we are still in unclear territory with the markets. Until we are able to hold above this resistance most trade idea will be stock specific; we have to use lower share size and scale out of position when we are near support and resistance levels.

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