I caught 3 great trades today. My first winner was OII and it was great to finally catch something over $300. That's probably how much I made for the whole month of July. I was also a lot more selective since I am not trying to make something for the day. I found CGI and ORA.
The broad market and a lot of stocks have been rallying for 3 days now. Today may mark the top of the retracement as they hit their respective resistance levels, like the 20 day, 50 day and moving averages. If you look at the daily charts of the SPY, DIA, QQQQ, you can see that this rallied on declining volume.
- I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.