I wasn’t able to meditate this morning (or brush my teeth yet, but I’ve got plans to do both later), but I’m still going to go in to today feeling positive about my decisions, open to all information, and understand that I don’t know what’s going to happen next on any given trade, and I don’t need to. Just need to find the edge that I recognize and take advantage
Premarket, equities are up about 1%, while they were down 1% yesterday. Looks like they might gap up a bit at the open, but ultimately, I’m still expecting weakness in equities. I have a bit of an idea as to how to trade equity weakness in Forex, but I don’t know what best practices are with stocks/options. I’m imagining stocks will start to appear on my watchlist as volume increases in sectors that do well during pullbacks/recessions — so that’s what I’m planning for. Business as usual, and let the markets show me where I should put my money.
I wanted to make sure to be at the computer 20 – 30 minutes before the markets opened because there were a couple of things I wanted to look at right away. It’s just coming back to me, though, that I don’t want to actually trade within the first 20 – 30 minutes of the market being open because there’s a lot of fakeouts then. So, I’m just going to wait a second and then check my watchlists.
WFC – Wells Fargo – was on my watchlist yesterday, but didn’t really make the move. This morning, it’s pushing up out of resistance, so if I can get in here with reasonable numbers, I think I’ll pull the trigger. I didn’t love the numbers earlier (it’s now 10:33), and didn’t do anything. I left this on my watchlist and over the last few hours (looking at the hourly chart) this has been basing. One of the reasons I didn’t do anything was because the options were a little expensive compared to my target, but with this base, maybe they’ve come down. I’ll look again.
MYTE, was also something I looked at yesterday, but wasn’t quite doing what I wanted it to. Today, though, price gapped up to some resistance (prior support) and is pushing down — has yet to fill the gap. This looks even better to me than WFC, so I’ll look to pull the trigger somewhere here.