Today's Basic Trading Map Based Off the 1st Hour of Trading
INDEX'S: (SPY,QQQ,DIA)Daily Trend: Long All
Today's Gap, Trend, Range: QQQ very weak and spy closed its gap. Looking for a SPY range of R1 pivot and PP pivot. With yesterday being a wide range day a more narrow range fading day at levels with dual support.
TICKS (nyse): Neutral - range between the meat of 600 and -600.. still not extreme with the sell off.
Trading Notes: with sell off stay with trend, long as still trading within overall trend. DIA gap has not filled and would not lean that way today.
Trade Ideas: using 1-1 risk, close out end of day
- SPY: 262.55 long (with 20sma support on 15 minute chart) stop 261.95 and 262.15 with sop 261.48
- QQQ: is a running train to the downside - 153.80 to fill a prior gap with stop 153.30
See Below Support/Resistance Lines and Areas to Watch(white dotted line 5sma, red dotted line 20sma, doted lines pivots, Green & Red Sold lines previous days High and Lows, yellow dotted previous unfilled gaps - 15 minute charts)
Gaping Stocks to Watch
- Will post in a few days
* Beyond searching for ISB on a 30 minute chart can use this simple stock setup for a conservative 1-1 risk/reward ratio. Look for the first pullback near the 30 minute 5sma with a stop placed under the 10sma. Can add fib lines using today's high and yesterdays close the 38.2, 50 and 61.8 fib lines as secondary support when entering. (can also use the 5 minute chart using 25sma to enter and 60sma for stop) Can fine tune as see fit. Close out at end of day or move stop to even at .75R.
* Secondary support is support/resistance line's that support the moving average - (fib lines, previous day High or low, pivots)
Stock Trading Plan: http://www.howidaytrade.com/stock-day-trading-plan.html
E-Mini Trading Plan: http://www.howidaytrade.com/e-mini-trading-plan.html
* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money. Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.