We are looking at a slightly deeper giveback than yesterday’s mere gap-fill. At the same time, I continue to see plenty of individual stocks in the green today and acting well or consolidating mildly. So, what to make of it? Well, the zoomed-out 30-minute timeframe below of the SPY for the month of August indicates that the giveback has not been much to get worked up about yet. The huge gap higher from August 3rd remains intact, an the presumption with the overall uptrend is that buyers will step up to defend the $141 zone.
Rather than assuming that will happen, though, I prefer to use consolidations like these to study up on the best charts, as well as those firming up impressively. “Studying book,” as chess players call it, is something I did on a daily basis in poker as well. When it comes to trading and the market, there is always something to do, especially when you are not executing trades. The actual trading should seem like a rare event compared to all of the other work that should be put in.
8 Responses to Intraday Look and Analysis: Back to the Desk to Study
“The actual trading should seem like a rare event compared to all of the other work that should be put in.”
So, I’m guessin’ you would call yourself (in poker parlance) …
… a “tight” player !
… a kind of Dan Harrington !
As it were …
… meant to be a compliment, btw !
Harrington is the consummate pro ! IMO
I know, alf! He is great. My style is somewhere between Harrington, Sklansky, with a little Chip Reese thrown in.
Great last paragraph Chess, so much more to it than clicking the mouse.
How did you “study book” in poker?
Go over hands you played and see where you could of gained more bets or lost less? Or read over hands online in forums, etc?
btw your posts are gold and the best out there, I have learned so much just from reading them and the daily recaps. Thanks!
Thanks, Kevin…yes all of those with poker, as well as constantly reading any book on the subject.