Trading Recap September 16 [Video]

Trading Recap September 16The bulls gave day traders a bonus day of easy trades from the long side…

Obviously the FOMC announcement is in play tomorrow afternoon. The major market averages were higher across the board today and high-beta stocks form our morning game plan traded well.

I have not witnessed this much guesswork for tomorrow’s announcement in a long time. Personally I am just trading the price action and will do the same after the dust settles tomorrow afternoon. You need to be clear if you are a trade or investor. If trader, don’t get too caught up in the “why,” just read the tape.

A critical key to successful trading is knowing when to accept risk. Stock traders especially, are in a global market. We aren’t simply trading what happens between 9:30-4pm anymore. Those days are long gone.

We have had a couple of nice days to trade. If you are prepared and have the discipline to stick to your plan, you should have made money. If you were not clear on a long or short bias, you most likely were buying highs and shorting lows.

This costly scenario was especially obvious in the morning recently. The SPY for whatever reason has not found it’s sea-legs until after 11am EDT. This is very odd since the best trade usually occur in the open when orders and opinions are fresh.

Trading Recap September 16 [Video]

Trading Recap September 16

End of Day S&P 500 Map 9.16.15

End of Day SPY Chart: Ten Minutes and Daily
Trading Recap September 16

SPY End of Day Chart 9.16.15

Trading Recap September 16

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