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Thursday I was out of touch totally with the markets, because I was out of the office and not in front of my computer. It was a day I wish i could have been here The Twitter IPO and the S&P at it's highs the positive vibes were flowing through the markets. That type of scenario i look for for tops and bottoms in the market. I thought about it during the day as I felt anxious and out of sorts. What if this was the top for a period. Would have another chance to get out of my longs. believe me I wanted to be here Thursday but it was not meant to be. Fridays action was unexpected until I was able to start some of my research and see what had happened over the last couple days in my absence. The first this I notices was all the flags and rotation trade set ups that had appeared almost over night and second the sixty minute rotation back down on the stochastics that gave me a buy signal.
The signals and charts all looked healthy and seeing the move back up on Friday made me kinda glad I missed Thursday cause I probably might have sold some positions at the lows of some healthy patterns. I would have got shaked and baked.
Well that's to be seen. This weekend we have some big Chinese news and possible policy action. I am not going to predict what this could do to the markets. I just want to be a little cautious going into Monday and let's see if the recent high made on Thursday before the sell off holds.
I have really 2 great Kick Ass Trades for next week, One that is returning to the watch list after the last time it was on it and was again the Best Bet for that Week. And a new stock that is the perfect flag. This are detailed in the video watch list with Buy triggers and profit targets.
The stocks are set up great is there a reason to correct yet?
Here's a market adage I came up with today as members tried to decipher where the market is going. "We will ride the wave higher and then ride the wave lower. Don't try to swim against the current you'll end up drowning."
1780 is right in front of us then 1800. Ride the wave baby ride the wave.
The Kick Ass Trade for next week is the surfboard for me. I think we got a great one.!!
Here is this week's Watch List
in other news
November 20th to 24th RPM and Myself will be making our yearly trip to the traders expo. There is info here on the event and trip next week I will announce some member meet ups.
We do have one event planned and that is the first Annual DTR Poker Tournament. If you are a member and would like to participate in this fun experiance. ( I am not a poker player and you don't need to be an expert. It was organized by one of the members and we will have a trophy and of course the cash you win it is 140.00 for a chair 40 for the casino and 100 for the pot. More info and sign up can be found here. http://zone.daytradingradio.com/forumdisplay.php?72-DTR-Social-Events-info-pictures-amp-video
( I was approached by a member with a suggestion to make this a charity event for Autism. I thought this was great concept for the poker event. I didn't even mention it as i was working on how to approach this, but word got out and I had some people get back to me on the conflict of changing the event after they signed up thinking it was something else. I understood and agreed I can't change the event on all the people who originally signed up. So I would like to find another way of showing our support and/or plan on this for next year.
for those who haven't decided on Vegas or didn't make plans yet here is a link passed on to me by Reza who said there are awesome deals
www.vegas.com
The best broker out there by far for the pattern daytrader is Suretrader.
Case closed..If you are trading with under 25k and are subject to the pattern daytrading rules then you are at a huge disadvantage in the markets. To have only 3 round trips in a 5 day period traps you into staying into positions longer and not abiding by any rules you set for yourself.
I think this is the biggest edge a trader can have. free movement to get in and out of the markets.
Suretrader has been a partner of mine for over 2 years and when i ask them for some specials for the DTR community they always follow up. So I just got this from Fred today. Fred is the main guy we talk to there so if you have any questions or signing up for an account then let Fred know that you want the specials that DTR was given.
DTR special for November,
NEW clients qualify for the following
Discounts:
20 Free Trades1 Month FREE DAS Software $4.95 up to 10,000 shares discount
For our EXISTING clients we can offer:
Fund with $2,500.00 or More – Receive 10 Free TradesFund with $5,000.00 or More – Receive 15 Free Trades
Here's some more info on why Suretrader is the best for small accounts My reasoning
Open an account
Well I think that is it
I have seen a lot of new names in the chat lately I want to shout out a big welcome to you all.
watch that Best Bet on Monday
DayTraderRockStar
This Week's Watchlist
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