Every trader I’ve worked with over the last 18 years had to learn how to train his mind to stay properly focused in the “now” moment opportunity flow. Mark Douglas. Trading In The Zone.
Fellow RetailTraders — Happy Sunday! Hope you had a great week trading the markets and that you found lots of opportunities to put on great positions.
Check out the chart —
Now that is a nice looking breakout!
Notice the position relative top the 10 day MA (the yellow line) — as a strong breakout will often times stay above that line.
If you’re like me — when you get into a winner — you might not always be sure how long to hold it — and when to take profits.
Well — the 10 day MA makes a great guide — so keep your eye on it!
As for the rest of the week, I’ve been hunting down some great Brand Name Stocks On Sale — so stay tuned for more on that!
Anyway — let’s take a look at the SPY charts and see what we can see!
As you can see — this last week was a great trending week for stocks as we broke out to the upside on Wednesday and just kept on plugging higher.
Lots of good stuff happening there.
The daily chart looks a little sketchier as we work our way through this huge pennant/flag/continuation pattern.
The circles are 3 times price came down and tested the 200 day MA.
This is a very strong indication that the ultimate move will be up — but as always — the chart will tell us everything we need to know — in real time.
On the weekly we see this pattern forming at the end of a huge uptrend — but of course — how do we know it’s the end?
We don’t. That’s why we keep watching.
For now — the up trend is still in effect — and so that’s the way we trade.
Until next time — happy shopping! And remember —
The Market Is Yours!