Sunday, November 26, 2006

Game plan for Mon/Tue ( Treo 700P post )

As you probably noticed most of the latest "trade ideas" are on the long side breakout play. It has its advantage in overextended market rally (is it overextended? For how long will it stay in the "rally mode"? ) - and the advantage for trading breakouts IMHO is that you can setup "trade triggers" ( TDAmeritrade which has been my broker since DATEK times gives you that opportunity ) and if "activation price" is reached limit order will be activated.
But for some reason I have uneasy feeling about post Thanksgiving market mood and I'm going to slightly modify "trade triggers" tactics for the next 2 days - I will totally suspend ALL ORDERS for the first 2 hours until I get a better feel of market direction.

Plus, as post's title implies - I'm on the road now, have not had a chance to look at the latest charts, and to tell you the truth - I did not have any desire to do so, since light Holiday trading confuses my view on the "science part" on the left of the chart and leaves me totally blank on the "art part" ( right side of the chart, of course ).
As a matter of fact I closed few long positions on Friday ( with mediocre volume it was quite a torture ) and 2 day trades I did on Friday (ENCY) and (SNDA) left me totally exhausted.
Treo 700P ( and 650 before ) is a life saver, I don't have to carry laptop all the time and be tied up to my "trading office". Sprint services improved greatly and EV-DO speed is amazing. I never disconnected from email and my broker. "Total freedom and confidence" and as an added bonus - if for some reason my cable moded is down - I use Treo as modem, speed is as good as DSL.