Gold, Silver and Big Cap Tech, The New Odd Couple
May 8, 2014 by Leave a Comment
Before we look at some charts tonight I would like to follow up on a post Sir SA Viking did at the Chartology Forum today about not trading in the first 30 minutes of a new trading day. He is absolutely correct. If you've been trading in the markets for any length of time then you have heard the expression that the first 30 minutes of trading is for amateurs. The reason for this old adage is because a lot of amateurs will trade on the previous days price action and have to get in a trade no matter what. Many times you will see the smart money fade the open after the first half hour of trading trapping the new guys that just had to buy. The only time I will trade in the first half hour is when we have a nice profit and the price action is close to a price objective that was laid out previous. I will usually try to sell in the first 15 minutes if possible.