What Consistent Traders Can Agree Upon
The market might be open
for trade, but that doesn’t mean that we are necessarily participating.
One of the most important aspects of trading, is waiting for the proper
entry. We all have our ‘systems’, and what works for one person may or may not
be a proper entry for another trader. But, the one thing that consistent,
disciplined traders do share–is the conviction to observe, rather than
act–when the trade really isn’t there yet.
As traders we are always anticipating in our
heads what we should do if a stock does this or that out of a particular
pattern, or as the stars come into alignment…and that’s great, because it
means you’re doing what needs to be done ahead of time.
11:54:27
Intraday Reversal Alert
Mercury Interactive (MERQ)
has put in a low level consolidation on the 5-minute chart, after testing
prior technical daily chart lows from Jan 16th. Reversal longs might be
considered thru current pattern resistance of 49.14, with the stock down .86 at
48.99.
Sometimes the best laid plan is just that, a plan
without a trade. Let’s keep the red attached to Mars, and not a premature entry
in a stock like Mercury that’s obviously seeing a little bit of red itself, in
today’s trade.
Chris Tyler