My activities today will be limited as I make preparations to head back to Los Angeles this weekend.
I expect further consolidation across the general market as well as further pattern failures in individual names. Consolidation generally makes it more difficult to day trade, fyi.
That's right. Chilling the F*** out. After making 2 trades today, I realized that today was just gonna be "one of those doji days". In fact, that's what happened. I was in the city (DC) for the afternoon, realizing that my time is best suited elsewhere. There's no point in wasting your time on a day where you know you will not make big-d**ked gains. (I am making an effort to stop cussing on the internets).
Realizing when to take the day off is just as important as realizing when you have to be 100% committed to a day. Do not waste your time. Maximize your opportunities. Think about it - my mantra is "to make the most amount of money in the shortest period of time". I cannot do that in this environment, especially with the lack of follow-through that I have been stressing for weeks now. The thing is, you never know when you will get that huge, epic day. It just comes, and BAM! you take home a double-digit total portfolio gain. Just like that.
I have yet to see the intra-daytrading environment improve. Therefore, I will continue to test out certain trades until the moment is imminent. It will improve when you least expect it and the question is, "Are you ready and prepared for it?" Stay vigilant, traders. Never lose focus toward your goal in making a F***ing killing. That's how we roll.
The pattern in focus is the broadening rising wedge. The rally continues, but this is an intermediate-term consolidation pattern, one that may not have been clearly visible to most people.
I continue to see the lack of follow-through and so far, intra-day tests confirm it. Careful selection and money management play critical roles here.
Tight consolidations on the indices, but like I mentioned before, they are all at different stages. Pay attention to any range expansions/contractions and breaks on either side.
I just got back from LA. It sure was fun. I would write a whole blog post on my trip, but I have money to make starting at around 9:30AM.
