Daily PM Prep - April, 15

** Prep for Closing Session **

MARKET CONDITIONS


SPY - Market opened on a strange move. It was trying to move up, but sellers were in control, just dumping. Apparently longer time frame sellers were found. If we close below 157.25 a break up failure will be configured, suggesting sellers took over and we will walking into bearish days this week. For us to have a bullish bias today, price needs to get back above 157.25 and/or the formation of an unfair low.
Prior POC is a very strong target for this down move at 155.50.
Bias: Bearish
Accuracy: 80% - Today´s close suggests a failure on the longer time frame break up. Sellers in control.

PM Stock Selection Sheet download - Big list to choose from, ordered by relative volume (biggest to lowest). Probably will find something to trade among the first 20 names of the list.

Updated at13:15

Want more information about the Stock Selection Sheet?
Legends - Click me
Read this before using the information provided in this page:
1.Educational purpose material only. Use this information at your own risk. 2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The afternoon sheet will be updated between 13:00 and 14:00
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Trade Review - C - April, 15

Stock Selection Information


Citigroup (C): Q1 EPS of $1.29 beats by $0.13. Revenue of $20.8B beats by $0.65B. Shares  +1.5% AH. (PR). Earning today before market open, put´s the stock in play.




Watch List Reason - Earnings Before the open
Pre-Market Volume - 7.30%
Trading Plan - Sup @ 44.25 | Res @ 45.50 on a 15 minute range

Management

Entry Setup used: Consolidation Fail Break | Support play | Fail break down @ support


Trading Comments

By watching the tape just after the market open, one could see that the buyers were present and trying to hold ground. When the prices are falling but too many green prints, people are paying the offer. It took me 2 stops to get the right side and the right time. When big bids start to appear, get taken and price does not fall, it is a sign the stock will move up. 

Evaluation

There was a lot of buying and selling but market was having trouble moving. The fight was very intense and it was not a very easy stock to trade. It was very strange and this could mean a longer time frame change of control (to be confirmed).
The first two trades I try to take advantage of some momentum that did not happen.I had seen the buying preassure, but was a bit off on the timing. After reviewing the tape, I got in because I saw a big buyer coming in the bid. When he dropped I should´ve get out. My first stop would´ve been .45.96 and not 45.91.
Finally on the third try I got it right.
I did a great job reducing the position to control risk and as the position start to work, I added to it. This was a very good strategy and the skill I am working harder to learn. 
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Daily AM Prep - April, 15

** Prep for Morning Session**

MARKET CONDITIONS

World Markets News: European markets are broadly lower today with shares in London off the most. Asian markets finished sharply lower today.
Economic Calendar



SPY - Market has broken the range and started to develop value above previous range. As long as we are above 157.25 and holding, the longer time-frame bias is bullish. If start to hold below this level, buyers are no longer in full control and this could be seem as a fail break, leading to a stronger down movement. The down move today was a reflect to the world markets being red. I expect the market to find support around 157.50 / 157.25
Bias: Bullish
Accuracy: 80% - strange move today. Lot´s of buying and selling, but nothing was moving. Could be a longer time frame change of control.

AM Stock Selection Sheet download - Mining sector appears to be in play.
Updated at 8:20

Want more information about the Stock Selection Sheet?
Legends - Click me
Read this before using the information provided in this page:
1.Educational purpose material only. Use this information at your own risk 2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The morning sheet will be updated between 8:00 and 9:00.5The afternoon sheet will be updated between 13:00 and 14:00
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