Don’t come in the market today thinking that by the end of the week you can run around naked on the streets or just your work office thinking that you will be so filthy rich, that the laws do not apply to you.
I do invite you all to check this S&P 500 Weekly Chart, and notice that we are very close to a mild correction, as we are about to reach the 1690.60 level on the $SPX which indicates according to history that today or at least this week will not be the same as the previous ones.
I continue to do what everyone else is doing, buying the dips, but I am very curious to see what will happen when we reach that mark. Until it happen, there is no change in the trend.
$SPY 1st support is 165.80, 2nd support 165.30 and 3rd is 164.53.
$SPY 1st target is 167.04.
Trade what you see, not what you think
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.
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In today's episode, I talk about tightening the risk on the trades and the benefits of taking a multi-pronged approach in doing so between profit taking and raising the stops. Also, I cover how how aggressive one should be in adding new swing trading positions and how many open positions that one should have at any given time.
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.
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