Morning Market Briefing – Trust The Process

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Morning Market Briefing – Trust The Process

Morning Market Briefing

Morning Market Briefing – Trust The Process

March 1, 2020

Have you seen our live shows? Join us for “The Trend” each market morning at 9:00AM EST, and “Beyond the Bell” at the close. See what’s trending in the markets and find out what our traders are watching each day! Check them out on the “Insights” tab.

When the going gets tough, the tough trust their process.

Having a process for getting into and out of trades is vital. A series of steps that are followed no matter the market conditions. Steps that take into account your asset class(es) of choice, personal risk tolerance, favorite chart patterns, timeframe, etc. Last week tested most swing trader’s process. When you feel a little unsure, you have to ask yourself if you’re trading for the sake of trading or because you see a setup that fits your style and process. As the new week opens we need to be sure we’re trusting our process. If we’re not, it means we haven’t put in the time and effort to have the confidence we need to trade (or not trade) when the market conditions are as erratic as they were last week.

Friday’s action took us right into support where the 50 SMA and 380 price level meet.

Holding the 310 price level so far. Needs to retake 21EMA for next move up.

Watch List

Symbol Why We’re Watching
AAPL Possible long above 125, possible short below 120.
AMD If it gets above the 8 EMA could get a quick leg up.
QCOM Could make a quick move to 150 if it gets above 140.
HD Break of 260 or 255 could signal next move.
MSFT Watch 50 SMA for base and bounce or breakdown.

YouCanTrade Scanner Ideas

Symbol Idea Direction
BABA Short
C Long
CLX Short
UPS Short
ZM Short

For more information on the YouCanTrade scanner, click here. 

Upcoming Event

My Favorite Day Trading Strategy

Day Trading, Intraday Trading, Scalping, etc. These are all names for a style of trading you are in and out of a position on the same day. Many people start trading with the specific goal of becoming a day trader and some swear they’ll never try it.
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Matt Hensley
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2021-02-28T21:06:30-05:00
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