Who Says I Can’t Get Long Financials?

Trade what you see, not what you think, right? It took me the first four hours to lose money today and about 45 minutes to make it all back and then some. I was screwing around trying to short some coal and an isolated financial. I know much better than to fight the tape but one of the reasons I make fairly consistent money doing this is because there is a fair amount of anticipation on my part.I just anticipated the wrong way as the financials were for real today. It just took me a bit to figure it out. One of the trading strategies I use every day is buying gentle dips (or shorts on the rallies) on the 20 ema on the 5 minute chart as I have presented here. The yellow arrows are my buy points. I sold both near the close as they were top ticking there. I would have kept them overnight but I still have trust issues with the financials. The yellow charts indicate what I call the soft landings, it works most of the time and it involves a certain amount of “reading” it. My boy Stewie has mastered this strategy. I don’t know if this financial rally will stick, but all the charts I have looked at so far look interesting AND the volume on almost all of them show 30 to 50% increases.

Solar did well, steel and coal rocked, mostly steel, and guess what? The financials lead!!! “Well blow me down Olive Oil” as Popeye used to say. More in a bit, I don’t trust anything.

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