Powder? What powder? We’re dealing with MONEY here!
After taking some hits on my forced-overnight trades last week, I’ve been unable to find any decent long setups for swing trades. While the whole market has been slowly rolling over from almost reaching the highs from February, I have taken my MONEY and stored it away in a cool, dry, location. This is only after reviewing several hundred charts and discovering only a few, risky, possible long shots.
Meanwhile, my attentions have been turned toward more domestic issues instead of the usual, evening chart-perusal sessions. And I must say that the Edgy household has indeed been due for some Spring cleaning! It would seem the Market is undergoing some cleaning as well.
And whilst I and the Markets cleanse our households throughout the week, I wish you day-traders the best of trades! I shall continue to browse the charts periodically over the next few days, looking for long swing setups. But I expect the S&P to retract to a 50% Fibonacci retrace level of ~1,295 this week. There should be some good Bollinger Band and historical support there, so I’ll be watching for a bounce.
Until next time, I tip my glass to you good sirs and ladies!
–Edgy
Welcome to Swing Trading the Stock Market Podcast!
I want you to become a better trader, and you know what? You absolutely can!
Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
#2: Keep the Losses Small
#3: Do #1 & #2 and the profits will take care of themselves.
That’s right, successful swing-trading is about managing the risk, and with Swing Trading the Stock Market podcast, I encourage you to email me (ryan@shareplanner.com) your questions, and there’s a good chance I’ll make a future podcast out of your stock market related question.
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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