SPY Five Lower Lows Education is shark repelent
SPY Five Lower Lows
With five lower lows in the SPY, this week has been controlled by the sellers, or maybe the buyers just needed a rest? Yesterdays low in the SPY came within pennies of the 20-SMA which in my book is still an acceptable pullback.
The DIA’s have fared much better closing above the T-Line, and two higher lows are trying to paint a bullish continuation pattern, go blue chips! The QQQ’s have been the poor sport, but when you look at the overall trend, the QQQ’s are still trending above the 34-EMA. If we start to breach the 34-EMA on the SPY, DIA, IWM, or QQQ’s that’s when I will become very concerned about the weakness in the market. Right now stong trading rules are needed to navigate through the rough market.
Keep in mind we believe flexibility, base hits, selling into strength and if you’re wrong about the trade simple close the trade out and own it. And a trading plan that at the very least uses a stop, entry, and a profit plan.
A good rule of thumb is if you have three losing trades in a row you might want to read up on how to handle sharks in the water.
Education Plan #1
Buy and sell stocks without a good understanding of what’s going on in a chart or the market. Buy and Sell on faith, hope, and tips you pick up. Thinking that you can learn everything you need to know before your capital burns up.
Education Plan #2
Set aside time to study, take advantage of the material available to you. There are several courses that we have available that with help with the understanding of a Trend, Price Action, Chart Patterns, Stochastics and the use of FIB Lines. Having a strong understanding of charts and management of your business greatly increases the probability of your trading success.
[button_1 text=”Study%20Over%20and%20Over%20%E2%80%A2%20Onwn%20your%20Trading%20Courses” text_size=”30″ text_color=”#000000″ text_bold=”Y” text_letter_spacing=”0″ subtext_panel=”Y” subtext=”Click%20For%20Avalability” subtext_size=”15″ subtext_color=”#ffffff” subtext_italic=”Y” subtext_underline=”Y” subtext_letter_spacing=”0″ text_shadow_panel=”N” styling_width=”40″ styling_height=”30″ styling_border_color=”#000000″ styling_border_size=”1″ styling_border_radius=”6″ styling_border_opacity=”100″ styling_gradient_start_color=”#3a57de” styling_gradient_end_color=”#3a57de” drop_shadow_panel=”N” inset_shadow_panel=”N” align=”center” href=”https://hitandruncandlesticks.com/product-category/training-courses/” new_window=”Y”/]A Tip From Rick – Don’t blow up your account
Did you Know? The best time to study is when the market is closed, this way you are less likely to feel pressured to look for the next great trade.
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