A High-Probability ‘Setup’
‘Siriusly folks’…when all
the chatter is about a couple of two and three dollar stocks,
and the market has been up eight of the last nine
sessions, you
just gotta know that it’s going to look a little something like our friend Mr.
Slim Jim.
I personally don’t mind still trying a couple of
high-probability trades while the day’s trading session is still young–but I’m
also very quick to realize when the market just isn’t willing to cooperate.
11:07:48
Intraday Setup Alert
The S&P500 ETF (SPY)
has formed an extended intraday
1,2,3 top. With yesterday’s action being day 8 out 9 to the upside, and the
Nasdaq ‘finally’ taking out the 2000 level, the index proxy might be used as a
potential pattern short. With the SPY down .02 at 111.14, triggers have already
been elected as the proxy broke the 10:30 bar low of 111.12.
So when you ‘count to three’ and still nothing
happens, you might just realize that the big winner looks to be neither the bull
nor the bear–but, the trader who knows how to sit on his or her hands
while waiting for the next high-probability trading environment to pokes its
head through.
Chris Tyler