Afternoon Scoop
As I’m sure you can guess, markets rallied in the first of of the day then we felt flat. I’m assuming anticipation ahead of tomorrow. If you did not trade today or kept it small, great job. With uncertainty ahead, it’s better to watch the reaction tomorrow from the sidelines.
Market Review
- Here is the same chart from this mornings scoop. We started the day at around our white line there. went up then came back in.
- After a big rally over Thursday and Friday, a choppy day or slow day was naturally expected. Plus as we’ve mentioned we got Powell speaking.
- Looking ahead for tomorrow, I anticipate a big reaction up or down and quite honestly I wouldn’t be surprised of both. This market is touchy and I expect tomorrow to be no different.
Trade Idea
Let’s look back at Nike from today’s trade idea. I did not take this trade today, but let’s discuss it.
Above we have a 65 minute chart of Nike, zoomed in from the daily earlier today.
We had the big support at the bottom indicated by the big rectangle.
At the $120 area we have nice support building internally, This would be a nice area to look to enter the trade. Just as we discussed.
Now, I got my confirmation and area that I want to go long at, why did I not enter? Too much risk with the news, I don’t want to have a stressful night wondering what tomorrow brings. We could see a big drop or a huge pop. Either way, it interrupts my trading strategy and decreases my edge, I don’t want any part of it right now unless its a quick day trade.
Daily Wrap-up
I would love to have more to discuss and I’m sure as I continue to write these I’ll get in a better rhythm of writing and making this newsletter as informational as I can in a bite sized message. I haven’t been trading live and getting to send out these newsletter since I was out last week, but I’m excited to get these going, learn about myself and hopefully help others along the way. Enjoy the evening and I’ll see you for the Morning Scoop!
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