Here’s Why We Trade Today’s Pattern
It’s a very difficult market at times, but there’s still opportunity every day, with some very simple time-tested patterns. Just because the market or a stock is in the dumps, doesn’t mean
that you have to be too. Do the homework and you might find the ride down quite
comfortable.
09:42:35
Intraday
Setup Alert
From the Nightly Daytraders
Report United Technologies (UTX)
is trading towards the lower supports of an extended intraday Slim
Jim pattern. The stock is down .25 at 62.36 and appears ready to
continue its trend lower.
We had it on the Daytraders Nightly Report under Institutional Laggards so it was
looking like an inviting short as of the close, but this by itself is not an
invitation to just jump in the next day without regard for that day’s price
activity. Quite often, there isn’t follow through, look at my “call”
on USAI for instance… “Oops, my bad.” The stock gapped in the
opposite direction intended. Some might say, amusingly, “Nice call.”
All I can say to that is, “No harm, no foul.” As daytraders using the
report, there was no entry to have executed this morning in USAI…but,
“did you happen to see the entry in UTX?”