It’s volatile, to say the least, out there.
For some, it’s not easy right now.
But it’s business as usual for my Trading Floor members and me!
My love for penny stocks comes in handy during these uncertain times in the market.
That’s because penny stocks might often trade independently to the overall market.
Allow me to explain….
I noticed the stock moving higher and holding above previous resistance levels yesterday morning. It is an excellent example of how penny stocks can move in a down market.
All the while, the overall market was crashing.
I alerted my members to the idea and said the following yesterday morning in my Trading Floor Watchlist:
Here’s what happened next:
Shortly after I shared the idea and thought process with my members, the stock did exactly what I thought.
What’s important to review and note is THE WHY:
- The stock held above the morning high and the previous day’s resistance.
- It made a higher low.
- It had relative strength all morning versus the overall market and sector, indicating that it might experience further momentum.
- VWAP held, as I mentioned in my watch list, and acted as support.
Now, I can’t catch them all!
Unfortunately, I did not make the trade as I outlined in my watch list.
However, I am excited that I was able to identify this opportunity and share it with my members!
I’m pleased my members were able to hear my thought process and game plan in real-time before the trade developed and the opportunity passed.
If you enjoyed the above, then you’re going to love this!
I have something extremely exciting to share with you.
I will be hosting a LIVE event with Jason Bond next Tuesday to discuss the markets and trading.
If you want to hear my thoughts on the overall market, how I’m navigating it, and spotting opportunities, then don’t forget to add this event to your calendar.