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In a market like this, maybe I should just stick to long ideas. On Friday, I suggested that Sky-Mobi was breaking out to the upside. Well, the next trading day (today), it’s up about 13% (at least as of now, when I’m typing this). It might relax some to fill that gap, but long-term, this stock looks even better than it did Friday.
There’s not much to add to Friday morning’s post here really, other than we have since had a V retracement and shaken out some weak longs, so I thought I’d do something different this morning and show you what I was doing intraday on Friday, as the pattern setup was a lovely example that I’m planning to use in a book I’m (slowly) putting together.
As I’ve mentioned before, I’m on the team of the Princeton Trader trading room, led by Mike Vacchi, and we primarily trade ES intraday there, though we also trade oil, gold, bonds and a few other things on a smaller scale. I’ve stripped down the chat from Friday’s session as far as I can, though it’s still longer than I was hoping for, and will show it below interspersed with charts I posted intraday to show the evolving setup over the day. (more…)
