Todays blog will we be a little different…Let me ask you a few questions. Did you make any New Years Resolutions at the beginning of 2009? Are you still following them? What if you used every holiday to reflect on your life? For example, you now have a three day holiday weekend ahead of you. Why is it any different than your New Years Holiday? The only difference I can think of is that I don’t have to go buy a new calender this weekend. So what if you used this weekend for two very important things…1) To have FUN with your friends and family. 2) To recommit to your New Years Resolutions or make new ones.
For our subscribers; are you taking full advantage of our service? Are you following our system and staying diciplined? Use this weekend to think about these things. Mabey your dicipline has gotten sloppy or mabey you never started that trading journal that you should have. This weekend is the time to be brutally honest with yourself and reorganize if you need to.
For the new visitor reading this…yes YOU! This weekend take a serious look at our service and realize how it can change your life. Now take a look at our Money Back Guarantee. You have no risk and a lot of potential with our service. How can you not take the chance?
Hello everyone. I hope you all heeded our warnings about the slow market leading up to the holiday. We made some calls on RIMM that worked well but for the most part there was too much risk for our taste. Most of our traders took lunch and never came back. And not coincidentally, they are some of our most profitable traders. They know when to trade hard and when to not trade at all. We reccommend you take Thursday off. If you do trade we STRONGLY reccommend you start your holiday weekend before noon.
For anyone who has been considering joining our service, now would be the best time. We just started the 3rd quarter and earnings season is comin’ up. We expect plenty of opportunity for profit after the 4th of July holiday is behind us. Feel free to send us an e-mail or call 1-866-4-SHOGUN (1-866-474-6486) if you have any questions of concerns.
So much for “window dressing’. Any fund managers entering long positions were drowned out by a suprisingly weak Consumer Confidence report. The SPX was flat at the open and we were hands off until the report came out. Once the downtrend was confirmed we jumped on board. The rest of the day was untradeable aside from a couple small scalps.
This is all normal for a holiday shortened week at the end of the quarter. Hopefully everyone took our advice and focused their trading on the morning followed by playing defence in the afternoon. For the rest of the week continue to follow the plan because we expect much of the same conditions. In fact, we advise everyone to start your weekend around 11AM on Thursday unless the indicies are flying.
Manic Monday wasn’t so manic today. We had a nice uptrend in the morning that we took advantage of. After that we were on defence and preserved our profits. The market looked weak late in the day and tried to go short a couple times but couldn’t find momentum. I think this is basically because the quarter is coming to a close. Mutual fund managers that missed the ride up from 666 on the SPX want to show their clients that their portfolio contains the “hot” stocks. We explain this “window dressing” effect in more detail on the Nightly Swing Trading Video for subscribers.
As always there is good news. The new quarter & earnings season is coming and there will be plenty of opportunity. Our plan for this short week is to take it easy and pick our spots wisely. Our traders are still able to make an average of 1-2% profit per day just trading the morning session with our calls.
Market conditions Friday were slow and choppy as expected. We did make some calls for our more aggressive traders and took some scalps here and there.
Sitting out when there is too much risk is one of the most important skills to learn as a professional trader. The old saying that, “a penny saved is a penny earned” is 100% true in trading. If you find yourself making money with any system but giving it back or having losses compound then the issue is likely psychological. Your fears, biases, and subconcious beliefs all surface in your trading. In these cases it is important to remember that 99% of traders, nay everyone, have these issues. Many of these issues are discussed and corrected in our Day Trading Chatroom and others may require one-on-one consultation. As any of our long-term clients will tell you when you join, the investment in your trading business and yourself is more than worth it….especially if the result is a 2% increase in your trading account balance every day. :-)
Thirsty Thursday! As is typical we had a slow day today after some great ones. The major indicies did end up over 2% but it was on a small gap down and drift up the rest of the day.
The day opened with very low volume across the board. The market appeared to be breaking down but the V bottom reared it’s ungly head again at about 9:40AM. For the rest of the day the market basically drifted up and appeared to be pushed higher every time it looked toppy and about to pull back. This will only reinforce rumors of the market being artificially proped up.
The good news is that we stayed safe. We look for momentum and advise staying away from drift. We want every trade we enter to be in the green immediately. If the conditions do not offer that then we HUB (hands under butt, no trading). Many of our traders ended the day with only 2 or 3 trades and small profits. Others simply sat out or took the entire afternoon off.
We expect a slow day tomorrow as well going into the weekend with a bit of a hangover from all the news. But if the market gives us a trend we will be here to take advantage.
Happy hump day everyone! That didn’t sound right. Anyway, the return of the V bottom (the market going straight up after a downtrend forming a V shape on the chart) was an indicator of things to come. The market in fact, gapped up today and continued climbing for most of the morning. There are many rumors going around about the markets being supported artificially and I don’t think these rumors are all unfounded. The great thing about Day Trading is that it doesn’t matter how or why the market is going up or down. Our job is to follow the trend and make money within the rules of our system. Period!
Our trade of the morning: SKF
FOMC minutes due out. Advised our traders to take a long lunch and come back at 2PM. We did call MON short during lunch for those traders that stuck around and it worked well.
The market was slow as expected until the minutes came out and we stayed safe. As always we avoided the initial news reaction then jumped on some very nice shorts in AAPL, OIH, BA, and RIMM. We don’t normally call bounces without a setup so the end of the downtrend was the end of a very nice day.
Happy Tuesday everyone. Housing numbers were due out at 10AM so we played it safe. As expected the market was slow at the open. We sat out during the initial news reaction then capitilized on the short trend once we broke support. Some of our best trades were in SKF, GS, AAPL, and MEE.
After the nice morning trend most of us took a long lunch. The V bottoms came back starting about 11:15AM. Shorts became too risky to hold so we took some fast profits. The market came back up in the early afternoon and our next set of trades came after a top pattern on the SPX. We caught some nice trades on the short side again before the market got choppy and was too risky to trade.
Overall we had a nice day despite the SPX staying in a 10 point range. Tomorrow we plan on taking advantage of the morning session as lately they have had more opportunity than the afternoons.
Hope everyone had a great weekend. Happy Fathers Day to all the dads out there.
Today we started with some nice gappers. POT, SKF, AGU, ISRG, X and OIH were
our focus stocks. Monday are known for chop first thing so we started slow,
waited for them to move before jumping in anything.
Our first trade of the day was OIH, we traded the first break and it wasn’t
ready to go yet. Only took a quick scalp on it for .10 the market needed to
break out of the consolidation before our short side trades would turn into
more than just small scalps. Once it did we have a nice slide and we were able
to catch X, POT and ISRG. ISRG was our trade of the day. We traded it from 158.46.
This trade had over a 3 point potential! Most of my traders were in and out
of it a few times. The short side trades have been tough so they stayed safe
by taking profits early and re-entering.
At around 10:00 we didn’t get the normal V-bottom we have been getting.
Instead the market drifted down all afternoon. We pretty much stayed clear of
the drift.
Tomorrow is FOMC. We expect a active morning then slow till after rate announcement
at 2:15 est.
" Shay, this is the first week I have been able to trade after the mentorship last month. I have had winning days everyday. Still a lot of room for improvement though. Today my best day so far 8/10 +1.58 "
