The market opened strongly today but was unable to sustain it as selling pressure started by mid session, losing 27.05 points closing lower by 0.66% at 4097.49.
Top gainers with significant volume today are SLI, BEL, LC, and PCOR.. Top losers with significant volume are LPZ, URC, JGS, MER, DMC and NIKL.
AP declined by 0.59% today closing at 33.75. Technical indicators are pointing to further decline in the short term. Weekly chart is still showing relative weakness confirming the weakness in the daily chart.
AEV declined by 0.39% today closing at 38.35. Technical indicators are still pointing to further decline in the short term. However, it seems like it is near the bottom already. Weekly chart is also showing relative weakness.
Both issues might resume their advances late to mid next week.
Personal target: P35 - today's high is shy by .25 at 34.75
Personal target: P45
*I became overly bullish on the issues that I am currently holding because of my candlestick readings. However, candlesticks does seem unreliable and giving off fake readings so I am just going to use it to check price action and not for possible price behavior in the short term. I would be sticking with the other 2 technical indicators that I am using now for future price actions as they seem more consistent.
AP is up by 24.68% within twenty-four trading days with doubled up position.
AEV is up by 9.38% within thirteen trading days.
Thursday, November 25, 2010
Lessons from successful traders - found over the internet
1. If you are bearish, do not be afraid to pay down.
Sell on signs of weakness. It takes guts to sell when price has already fallen considerably. The opposite applies for bullishness. Buy on signs of strength.
2. Double tops and bottoms can be very profitable opportunities
Sell at double tops and buy at double bottoms AS they form. These are potentially very profitable opportunities and you can trade them with tight stops.
3. Act on intuition
Intuition comes from studying the market and watching it over a long period of time. If you get a strong feeling about a market - even if you are not sure completely why - act on it. But know that feelings can be wrong and be quick to act if the market does not confirm your intuition.
4. There is no such thing as a price that is too high or a price that is too low.
The market is never too high or too low.
5. Have guts when a position goes onside
There is little point in calling a top or a bottom only to take a few points. You have to be able to hold a position.
6. Fading moves can be very profitable but there is no room for stubborness
When a price is at extremes and you want to attempt to fade it, take small positions and be prepared to act quickly to cut your losses if price does not turn. Look for areas where the market last found it hard to get above/below. Look carefully at the price action. Is it stalling? Remember that there is no room for stubborness in the market.
7. Look for clues
The market almost always tips its hand to which way it is going. If you can't see this, you haven't watched it long enough.
8. Remember why you got in.
If you are position trading a market and you are, for example, buying a considerable distance above support, then that last support is the reason for entry. Until that is invalidated, your trade reason still stands. The "market" knows or cares nothing of where your break even point or fixed trailing stop is. These two latter terms, if based on monetary concerns (not wanting to lose, wanting to protect profits) rather than based on technicals (keeping a valid s/r level between you and the price) are useless.
9. Support/Resistance is the key to the market
This is one of the only technicals that the professionals keep coming back too. Where are the support and resistance points? To determine their validity, watch the strength of the price at them.
10. See the bigger picture
You have to have the ability to see the bigger picture. Where are we on the higher timeframes? How much room do we have to move?
11. Get involved
Invariably, those that make big money, get involved. You need to live and breathe your market to make money consistently. Watch it as much as you can. Time spent watching is time spent learning.
12. Fundamentals
Fundamentals are useful but remember that how a market should react and how it does react are two very, very different things. Don't get married to a fundamental opinion if the price does not confirm it.
---------------------------
1. Read
2. Understand
3. ???
4. Profit!
Sell on signs of weakness. It takes guts to sell when price has already fallen considerably. The opposite applies for bullishness. Buy on signs of strength.
2. Double tops and bottoms can be very profitable opportunities
Sell at double tops and buy at double bottoms AS they form. These are potentially very profitable opportunities and you can trade them with tight stops.
3. Act on intuition
Intuition comes from studying the market and watching it over a long period of time. If you get a strong feeling about a market - even if you are not sure completely why - act on it. But know that feelings can be wrong and be quick to act if the market does not confirm your intuition.
4. There is no such thing as a price that is too high or a price that is too low.
The market is never too high or too low.
5. Have guts when a position goes onside
There is little point in calling a top or a bottom only to take a few points. You have to be able to hold a position.
6. Fading moves can be very profitable but there is no room for stubborness
When a price is at extremes and you want to attempt to fade it, take small positions and be prepared to act quickly to cut your losses if price does not turn. Look for areas where the market last found it hard to get above/below. Look carefully at the price action. Is it stalling? Remember that there is no room for stubborness in the market.
7. Look for clues
The market almost always tips its hand to which way it is going. If you can't see this, you haven't watched it long enough.
8. Remember why you got in.
If you are position trading a market and you are, for example, buying a considerable distance above support, then that last support is the reason for entry. Until that is invalidated, your trade reason still stands. The "market" knows or cares nothing of where your break even point or fixed trailing stop is. These two latter terms, if based on monetary concerns (not wanting to lose, wanting to protect profits) rather than based on technicals (keeping a valid s/r level between you and the price) are useless.
9. Support/Resistance is the key to the market
This is one of the only technicals that the professionals keep coming back too. Where are the support and resistance points? To determine their validity, watch the strength of the price at them.
10. See the bigger picture
You have to have the ability to see the bigger picture. Where are we on the higher timeframes? How much room do we have to move?
11. Get involved
Invariably, those that make big money, get involved. You need to live and breathe your market to make money consistently. Watch it as much as you can. Time spent watching is time spent learning.
12. Fundamentals
Fundamentals are useful but remember that how a market should react and how it does react are two very, very different things. Don't get married to a fundamental opinion if the price does not confirm it.
---------------------------
1. Read
2. Understand
3. ???
4. Profit!