Today’s Trading Lesson…
60 Minute Charts Day Trading Strategy | Trading Plan Video
If you are finding the current long-term tape is driving you crazy, here is a simple solution that works like a charm for day trading.
This is not a full trading plan but it come close. We are using the SPY ETF as an example but you can apply the trading strategy to any stock.
The concept is to use the 60 minute charts for your day trading trend and the open price indicator as your filter.
On the Tape Today...
$NFLX | Netflix looks good to the casual trader. Nice breakout, but... the stock produce 3 well-bid days and now rests and long-term resistance from December 2016. The trade must remain in your tracking journal but the better trade, the one with greater reward potential is the first pause on the daily chart over $132.50. (see chart)
$LB L Brands short-sale triggered yesterday and offers $2 in additional profits to the $60 support. Yesterday's move in price action forces us to wait for a small rally before entering a new short. If the stock open lower the risk/reward doesn't make sense. A bounce this morning offers a better short.
Stock Market Today: Heatmap of the S&P 500
Stock Trading Today 1-6-17 | Friday Edition
U.S. stock futures tread water ahead of jobs report
The nonfarm payrolls data today could give clues to the path of U.S. interest rates. U.S. stock futures inched lower on Friday, as the upcoming jobs report seemed to discourage investors from making any big bets ahead of the open.
“Yesterday’s volatility on Wall Street seems to be testament to the fact that the market is suffering from a degree of vertigo up at these dizzying levels,” said Jamieson Blake, retail sales manager at ADS Securities, in a note.
Elon Musk says SpaceX ready for launch, but FAA isn’t
SpaceX has test fired the engines for its scheduled launch next week, the first time the aerospace manufacturer will try to launch a Falcon 9 rocket since a devastating September explosion.
“All systems are go for launch next week,” Musk tweeted on Thursday.
Samsung forecasts 50% profit jump despite Galaxy Note 7 saga
Samsung had a pretty dire last quarter of business as profits dropped by 30 percent thanks primarily to the recall of the Galaxy Note 7. There’s now some New Year cheer, however, with news that the Korean firm is forecasting profit for its current Q4 2016 quarter to jump by 50 percent year-on-year.
The ‘January effect’ for stock markets is fading: Goldman
U.S. and UK equity indexes holding near record highs, a brighter earnings outlook and rising forecasts for economic growth have all spurred talk of the “January effect,” or the notion that the first month of the year is always bullish for stocks.
One of Trump’s Corporate Punching Bags Slips Back Into Obscurity
Hey, what about the Oreo?
During the campaign, Mondelez International Inc., the owner of the iconic cookie brand, was one of the companies that President-elect Donald Trump railed against for sending jobs overseas, alongside the likes of Ford, Carrier and Boeing.
Inevitable Automation Of The Fund Management Industry Is Upon Us
Why do human fund managers still exist?
This might seem like an odd question, but in light of a range of critical factors, some old but many new, there is very little economic rationale for these managers to exist, except perhaps in rare cases.
Tape Reading the SPY ETF
$SPY melted candlesticks remain supreme.
Indecision, a trading range, and mediocre volume spell a tape to get chopped up. Great traders pick the right risk. If you aspire to greatness, or even just consistency, recognize this type of price action and trade accordingly.
Day traders always feel the need to be in the market. It’s a mistake.
You want to trade when opportunity exists, not simply because the market opens.
Keep risk tight unless your stocks are breaking out with room-to-go or a decent pull-back from a fresh high or low.
This tape isn’t one for trades that you need to talk yourself into. Be patient and preserve capital.
Facebook Stock Gets Buy Rating, $150 Target (FB)
Will fake news or declining ad metrics stop Facebook, Inc. (FB) in 2017? Not according to analysts at Aegis Capital.
On Tuesday, the firm initiated coverage on shares of the social media giant with a Buy rating and a $150 price target. Despite the double-digit decline that Facebook shares suffered to end the 2016 campaign, analyst Victor Anthony, who cited strength in properties such as Instagram and Messenger, believes that the tech company can sustain its growth.
Facebook May Have Done What Twitter Needed to Do
Facebook introduces live audio streaming service
Facebook (FB) is testing a new feature that supports live audio streaming, expanding its Facebook Live platform, which already supports live video streaming. The company is initially testing its audio broadcast feature with a limited number of pre-selected users and it plans to roll it out more broadly in early 2017.
BBC and Harper Collins are some of the partners Facebook has selected to test its live audio broadcast feature. Facebook is aiming the feature at interviewers, authors, and broadcast radio-like services.
Stocks to Trade 11-6-17 | Friday Edition
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: ALXN, AEM, BABA, CLVS, BIDU, AMZN, VRTX, AGN, NFLX
Negative last 20 and 5 trading days | closed 2% lower from the open: lb, kss
Quarterly Order Flow:
Bullish Stocks to Trade: CLVS, COST, NFLX, TRGP, SLCA, BA, WDC, IBM, MPC, CVX, DE, KMX, GS, PNC, NVDA
Bearish Stocks to Trade: jwn, lb, twlo, m, urbn, mdt
2x Normal Volume: KSS, CC, JWN, LB, M, KSS
Inside days: x, hpq, rai, gild, nke, tsla, mbly, celg, dhi, hes, syy, cbs, dltr, acad, de, esrx, yum, bhi, holx, ati, adsx