Trading Strategy:
Trading Notes: I plan to play it safe here in the early going until I can see whether the bears want to hold the breakdown we are seeing in the pre-market, or if the bulls plan to rally stocks back up. There are some individual short setups I am watching this morning as well, offering quality reward/risk setups. Also, I will be out of the chatroom on Wednesday and Thursday of this week, in observation of the Christmas holiday. As anyone who has been a member for sometime, knows that I don't take many breaks (even though I'll still be watching the market and making any necessary adjustments still), and so these times are great mental breaks from the rigors of the financial markets to get me ready for the new trading year ahead.
Trading Activity:
Setups Triggered: None
Setups Waiting to Trigger: None
Active Trades: None
Trades/Setups Removed/Closed: SPXU (1/3), SPXU (2/3)
(NT=Never Triggered, 1/2=Half position, 1/3=Third position)
Additional Strategies & Ideas: These are not official trades that I take, instead they are opportunities and setups that I find of interest each day and charts that I send out via WhatsApp to Trading Block members (Download the app and send me a message at 321-522-6733).
$TTD bounce play off of major support. Sets up well, if tech is to bounce this week, but will largely depend on whether the dip buyers show up to rally stocks yet again. Solid reward/risk setup. However, with the market open that is being seen this morning, I'm not compelled to even try this bounce play until we see some stabilization in the broader market.
Trading Notes: $SPY continues to bounce off of that 50-day moving average. Kind of annoying to sustain any position to the short-side, and 470 makes any long position hard to stay in as price continues to fade that level. Very little room for price to move, and it will require one of these levels finally breaking, which should ultimately provide better direction going forward, when it does happen.
