It’s a Stock Pickers Market. Down Jones Remains Range-Bound 5-20-20
Technical analysis represents the method that most traders implement to find new ideas.
Yet most traders don't make money. Is it the charts or is it the trader?
Today we discuss basic chart reading skills that should become the foundation of your trading plan. But there's a catch.
Chart reading must go deeper and become tape reading.
We have a saying in our community that chart readers struggle and fail while tape readers get paid.
If you're struggling to find consistency, it's most likely you aren't going deep enough in your analysis, I call this building an argument.
I challenge you to practice these tape reading principles for 5 trading days and you'll be amazed out the difference in the quality of your trades.
Trading Game Plan: 5-20-20
Watch: Best Stock Picks Today
Moderna Inc MRNA caused what many day traders were calling a mini-flash crash.
A story about "insufficient data" in regards to their vaccine spooked stocks and created end of day panic selling.
So the question for today's trading becomes: Does the stock market see bearish follow through?
Today we review a dozen stocks that meet the criteria, but only a few make the cut for new trades.
Have a great day.
Pete
