Let’s Take A Quick Walk Around This Thing
As planned, the previous trade got stopped at 46.60 this morning. A surge down to 45.20 would have been so nice, but, c’est trading. Instead I’ve got either a quick, acceptable swing trade or a very nice extended daytrade behind me, depending on who I’m telling the story to.
Where are we now?
We’re in the middle of some significant sideways action. Remember, in the book of Dummy, volume at price equals support and resistance. The direction we break out of this range is very important.
After that heavy “down” volume a couple of days back, I’m leaning towards shorting (I always seem to be), but I need the math to back me up before I do. And, despite all appearances to the contrary, I’d be content to go long as well, given an appropriate setup.
I used to enter a swing trade based on the high or low of the previous day. My current method looks for significant movement in the direction of the entry, which may or may not coincide with that previous bar’s extreme.
The numbers I’m coming up with tonight show me I likely won’t be taking a trade tomorrow. I need about 46.10 to get short on the Qs. About 151 on the Ps, 480 or so below the shooting star on GOOGle oogle oogle, and about 112 on my old friend AAPL. What, you thought I forgot Apple?
Long? I really need a break and pullback on any of ‘em.
‘ats it for now.