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The back-story: As a trader, you can complain about market conditions not giving you much to look at, or you can do something about it by looking at more inputs. I have noted recently that there hasn’t been much to trade, so I used that down time to research additional news services and options scanners.

See Taylor Conway’s piece on not trading due to no market action

Ultimately, I bought Trade the News and Trade-Alert, additional resources on top of my Benzinga Pro and Trade Exchange.

The result: Trade Alert, the options flow-scanner, alerted me to call volume coming into Lowe’s Cos. (LOW) yesterday, right in the area I have circled on this chart.

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I combined that with a double-top breakout chart pattern and bought 2,500 shares of stock at $74.07, selling those shares at $74.19 for a nice, quick and easy $300 profit.

Read Taylor Conway’s previous market lesson — on the virtues of patience — here

Market lesson: Don’t chase trades; instead, spend slow times looking at potential new sources of information and testing them to see if they can reliably help you find more and better trades.

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    Taylor Conway is the lead day trader at PennyPro.com. He is a short-term day trader of stocks and ETFs. Prior to Monday, he had never before traded Lowe’s Cos.; at the time this article was published on RagingBull.com, he had no shares, options or open orders in LOW.

Author: Taylor Conway

Taylor’s Shadow Trader system allows his subscribers to tap into the hidden corners of Wall Street and to capitalize on “dark pool” trading activity. This powerful "follow the big money" strategy uncovers large trade activity that most regular investors have no access to, but that Taylor’s subscribers receive alerts about. Starting with a small account and trading part time, Taylor rapidly built his personal trading millions using his own proprietary trading systems. Sharp, savvy, and highly driven, Taylor looks for profits in any market condition, bull or bear.

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