I knew this week would come, where we would have quite of few stop outs on the HPS watchlist. I credit the North Korean posturing as the main reason for the the April 3rd sell off and we kinda recovered for a day then overnight Thursday-Friday we had some more distractions from that region and to cap it off the jobs numbers "appeared hideous". Well we know these markets enough to discount any economic news as almost borderline good news because focus has started to build on when the Fed would start slowing down the bond buying stimulus and these bad job numbers kind of ensures that's back on the back burner.

So that leaves Korea still  lingering over the weekend, I would guess as any logical person that the situation slowly defuses itself, but we are not dealing with logic and definitely not going to put a time frame on it like a weekend. I still feel we move higher early next week if things stay quiet for the next 2 days.

Today (Friday) I hosted on the DTR2 channel and really focused on scalps (trades closed out the same day that they were taken) you knew that, I know, But you never know who is reading this. The scalps are basically HPS on a smaller time frame. Its something that is not practical for some people  and in some cases they might be restricted in how many trades they take because of the PDT rule (pattern daytrading). But I want to focus a lot more on this type of trading in this environment. It really tightens up the risk and we can limit the downside a lot by placing stricter rules on the trade. I usually break my scalps down into equal risk and reward. The key is taking the trade when the risk is out of the stock and the reward is in your favor That's where I love to use one HPS strategy called multiple time frame entries. This technique I detail in this weeks video and will brings these trades to the show next week. 

As the market gets through the early portion of the week, We should have more information to help determine if this is the beginning of something more severe or What I believe, a short term pull back sparked by some uncertainty in North Korea. I want to make clear the HPS will still come to you but for the beginning of the week I will be focusing on the shorter time frames and working to get back on the winning streak.

Throughout your trading career you will have instances where you will get caught either by news, guidance earnings, and many other unseen perils in the market. This is the time to actually slow down cut back trade lighter and start getting back into a groove which will be much easier when trading lighter. 

Look for some new features announced next week too

Video can be seen here http://daytradingradio.com/10for1000

DTRS