The bulls are faltering big time today and the market is seeing its biggest sell-off since February 8th.
I traded one short position today, and made a rare day-trade out of it for a quick 1.7% profit. Ideally, I would have liked to of held the position overnight, but the volume is weak, and I’m not convinced that the bears have a full handle on pushing this market lower in the days ahead. So I closed my short position and took the profits.
Right now, I am 100% cash, and the long positions that I did have this morning, I tightened the stops, and eventually got out of them as well. They didn’t fare so well with this market, but I did manage the risk, and as a result I spared myself from taking on additional and unnecessary losses.
Below is my watch-list to trade from should the bulls change the sentiment and push this market back up in the coming days.
Wait for the market to show you its intentions. Don’t guess at what they might be.
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In today's episode, Ryan answers the questions of one listener ranging from his transition from paper trading to live trading, and swing trading to day trading. Also addressed is his approach to trading, specifically Fibonacci retracement levels and why Ryan prefers Pivot Points instead.
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