Overtraders, This One’s For You
Overtraders, This One’s For You
Sometimes finding the
trade with edge is an all-day affair, so if it’s action that you’re looking for,
try the casino–because high-probability trading is all about having
the patience to wait for the proper setup to develop.
09:41:03
Intraday Setup Alert
The semiconductor HOLDRs (SMH)
are forming a potential
Opening Reversal TrapDoor on the 5-minute chart. The SMH is off .38
at 38.66, as we look for a pivot low to confirm pattern entries.
10:02:54
Intraday Update Alert
The semiconductor HOLDRs (SMH)
never triggered out of the anticipated TrapDoor, but further intraday
downside now has the sector proxy within striking distance of potential double
bottom entries. The 1 Volatility Band is at 38.35, which if tested would set up
a slightly lower pattern version of this formation–as well as a 5 point
broadening triangle on the extended 60-minute chart (below 39.34). The SMH is
off .57 at 38.46.
13:25:59
Intraday Update Alert
The semiconductor HOLDRs (SMH)
are closing in on a daily test of pivot supports, trading down .67 at 38.37.
This action intraday sets the sector proxy up in a potential double bottom
pattern, as a daily support zone between 37.86 – 38.80 is retested.
For some strategies and depending on what you follow intraday, there very
well might have been opportunities available. Remember though, that if a certain
style of trading consistently works for you, there’s no need to be chasing ‘moovement’–just
keep to your own discipline, and sure enough the high-probability trade will
ultimately present itself once again.