When the market whipsaws up and down like this it can signify a change in trend. Not sure exactly what the volume in the market is today but think it is higher again. This combination of whipsaws, breaking down of past strong stocks and heavy volume down days and light volume up days are 3 important things to watch. We are continuing to tighten stops on all positions and pulling the plug on stocks that aren't working. Get you ego out fof the way, close the position and move on to the next trade. This is why most traders fail and get taken out of the game.
We have noticed that many of the former leading stocks have been breaking below the 50 day MA. If we see this happening we will look to close out those positions.
Most of our setups for today did not trigger. This is why we need validation of our trades to trade through our price triggers. If they don't breach that area the trade is scratched and in days like this you are kept out of big losing trades.
Unfortunately sometimes you will get a reversal off the open where you get triggered and then the stock moves lower. This happened today in CSIQ. CSIQ is down off our trigger price and if it can't hold support here or close strong then we will keep a tight stop on it tomorrow and just close the trade.
Some of our other new setups for today are actually doing well despite a terrible day like this.
VECO and ININ are holding strong.
Remember it is wise to heed our market timing indicators when trading. Our screens told us we could have a day like this and that it was a higher risk day to trade. That also means look to take more profits and lessen ones exposure. Here is some of what occurred today with our open positions
Many of these have been profitable trades but those trades are done
Stopped out on NSC
HRBN is reversing to break through it's 50 day MA on heavy volume. Would close
INSU closed out
Looking to close out DRQ
Would close out BWY if still hold a position
Stopped out on SLW with 2nd 1/2 position
CHKP possible failed breakout. Keep a stop at breakeven
DFG would close out
CAGC would close out
Would would close out CYMI
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