Free stock pick for 09/22/2011
Dear traders,
I know that this could sound very frustrated but after yesterday after FED selling pressure we need again to be patient. Sound like we need to be patient before and patient after. If we will look at 60 min time frame charts, or at daily chart we can see many big red bars and that mean initial move gone. I know that now look very simply, but from risk aspect it was smart to not be active right after FED rate announcement and that was smart to leave that initial move. Since we can see only move and there is still no rest (pattern) on the daily/60 min time frame we must be patient to wait that. Because of that I told that we must be patient again. It is all part of trading, but since my main occupation is to find low risk setup it is normal. If we look at ideas what I posted under someone will think that I’m bullish, but that is not true. Those are just ideas what hold strong and I like them for long side and I will use them (if they will still look good) when market will show some strength. Reason why I posted them is that you all can see that I’m always prepared (or I try to be) for future possible market reaction. Also under that you all can see one good example what we had yesterday.
I can’t be with market action first part of the day and despite of that my advice is to wait and see what will be open and morning reaction after yesterday strong sell off.
Wish you all great trading day
Trade of The Day
entry chart
http://www.xpertstocktrader.com/2011/09202011scco.jpg
PLEASE NOTE: The primary focus of my service is to find Swing Trades. I look for intraday setups that have a potential to become swing trades. Since my membership is diverse I do post additional ideas (day trades, position trades and scalp trades). It is up to you to decide which trades are appropriate for your trading style. I do NOT personally take every trade. Your success depends on YOU taking trades you understand and like. I am always available to contact for additional trade explanation.
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