10 for 1000 Watch List for Week of Nov 2nd Uploaded
posted by daytraderockstar
Nov 01, 2009 10:51 pm
Looking back to Fridays big sell off on increased volume the odds are in for a continuation move to the downside, This has been a wild last week, but now the 20 ema has taken hold and an apparent downtrend is underway. I am not 100 % convinced in a sustained pullback becuse of the oversold conditions especially showing on the Stochastics. This will alll play out in the next few days, But for now I would be really narrowing down my focus list and concentrating on preservation of capital and if the trend continues to look weak tomorrow then I will be focused on stocks that are holding important levels as the market breaks down, These can be seen on the Watch list and Channel stocks that are in Focus. The action is sure to be choppy so be a little faster on taking profits on any trades and If you do look to buy on weakness, be sure to scale in gradually. There is a number of great set ups that will occur in the future you just need to have the disapline to wait for your entry. Hope the watch list helps you brings these set ups to light. Below are a few examples to keep a watch out for..
Channel trades that have proven themselves in the past
Stocks that have broke down out of bearish pattern and are approachingbounce area based on measured moves in the pattern
And remember your odss increase greatly when you trade with the market, Not against it
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