There was crazy movement in the SP-500 yesterday! But don't you just love that when we have a trending day we also have a spammy day!! What I mean by this is that when the market moves in a certain way, people that profit from selling trading systems on the internet often come out of the wood work with a hindsight trading system telling you they had predicted this!! BUT where were these people when the market was chopping around and consolidating? LOSING MONEY because their system just does not work in those conditions!
Hindsight trading on the internet is one of the things that really makes our blood boil here at Stock Market Strategy. Often these people don't even have a live trading account and just get people excited by showing 100% gains using a trading simulator. A saying we always stick by is "It's easy to make money in the market but it's a lot harder to keep your profit in all market conditions"!
Today's Stock Market Update Overview
On today's stock market update we explain about the potential fail of a phase 3, the support resistance levels and where to identify the higher odds trades on the different time frames.
The trading channel has made us money over a significant amount of months. Philip points this area out on the chart pattern where it met the channels overhead resistance which has consequently saved us money. Philip talks about the fact he did not make money on this down move but he did identify this move!
Yesterdays big up move would have almost got every day trader excited about wanting to jump on the bandwagon and take some of that profit! However, we always talk about consistency and how following your rules and trading plan will definitely make you money in the long run. Where our trading strategy was concerned, the rules did not meet our criteria one of which was the price action to the left and we believe there is always another day to trade where the rules will apply and meet our criteria.
If you have any questions relating to this Market Update or wish for us to talk about a trading subject that you're interested in, please don't hesitate to contact us.