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SPY/QQQ Market Bias & Top Stock Watches - 4/12/2023 - BullishBias: SPY gapping over resistance into a void, boosted on positive CPI data. QQQ less bullish with some junk before the void. Will be patient to see if CPI numbers hold up market or if it was just a pop and drop. Top Watches: Long - MU, PLTR, AFRM, INMD, RBLX. Short - AAL. Tune in to my stream at 9:25 EST for my full list of top stock watches and to watch me trade them Live! Follow @JLaing for a timely morning bias of the market like this, top stock watches, and live day trading every morning!
AMEX:SPYLong
by JLaing
SPY/QQQ Market Bias & Top Stock Watches - 4/11/2023 - BullishBias: SPY slightly gapping into a void up to 412, should be bullish up to that point. QQQ not as bullish at the moment but a much better void over resistance at 321 Top Watches: Long - MARA, AMC, RIOT. Short - FRO, ADTN, SNOW. Tune in to my stream at 9:25 EST for my full list of top stock watches and to watch me trade them Live! Follow @JLaing for a timely morning bias of the market like this, top stock watches, and live day trading every morning!
AMEX:SPYLong
by JLaing
How not to miss an opportunity. I found out about Bitcoin many years ago when it was in prime time only to be associated with organized crime , scams, and money laundering. And that remained deep in my mind. Since jail seemed a bad idea, I convinced myself that crypto it’s not for me. As time went by, I didn’t see the good fortune because my mind was still relating Bitcoin to a dark area . Something kept me from buying and I didn’t know what. As I was on the dark side, I am now thinking that the ones who listened to another side of the story, the winning side, greatly benefit from it. Later I found out that psychologists have a name for my burden and it’s called Anchoring bias . It is described that first introduced knowledge on a subject has a great impact on our later decisions . The first details I come upon Bitcoin unconsciously affected my judgment and kept me in a do not act state of mind and made me miss my chance. That’s when I found some ways to improve my decision-making process and to look at data from another perspective , which I am going to share with you. But first, let’s take a glimpse at anchoring bias, an error of our mind present in many aspects of our lives, which usually works against us. Picture yourself in a shop on Black Friday. Would you buy an item for 150$ and how would that make you feel if you knew that it was discounted from 200$? We tend to look at the price of 200$ as an anchor that quickly drives our behavior to a decision to act. Similar to adjustment bias, comparing the 200$ item now seems like a bargain. The same thing happens in trading. How do we know whether a stock is overpriced or not? By comparing it with past quotations that act as an anchor. Is BTC overpriced at 20k? We all would agree that in 2017 it was, but how about now? These anchors make us act unwisely and take unconscious decisions with small returns. This could lead to unsatisfying results, frustration, or wipe our account over the long run. Once you get better at identifying the anchoring bias, you can use it to your advantage. Think about what makes good and strong support & resistance. The perception is that a large number of investors credit that bid as a fair value for them. So what should we do? T o have a better understanding of what drives our choice it’s important to double-check our mindset, emotions, and the data that we encounter. Does it help us or it could be a potentially harmful anchor? What is the context of the news? In the example above, could we consider solely that 150$ is a fair price, without the 200$ price before the discount? Also, if you have a strong assumption about a subject, try to look at other points of view, not to change your mind but just to reinforce the reasons you already have. Remember that the first step into overcoming a bias is to be aware of its presence and next just look inside you to find proof that drives your decisions. So, let’s recap Find context - Figure out if the price you set for your buy order is a fair one or if you find it good compared to the day before. Find anchor - Do I want to invest in this company I have never heard of before just because my cousin thought it was a good idea? Observe - Do I have doubts about this buy? Do I follow my plan or I am unconsciously driven to make this purchase Review - Have I looked at other oppions?
COINBASE:BTCUSD
by TheSimpleThinking
Watch out for AUDJPYHEY TRADERS in this analysis, my bias is bullish, i'm focusing on catching the next swing: AUDJPY: there is a descending pattern forming which potentially means a change/shift in trend, now what is our confluence for trading this setup (taking entry) 1. Now price broke out we need to see a continuation correction to further look for the next impulse. 2. Higher time frame double bottom 3. third touch confirmation thanks for reading TRADE SAFE AND STAY SAFE
Long
by REAL_CRYPTO_VIC
1
Very possible we may pullback early in week --> 1.08 Daily LevelIt is possible we may continue to pullback early in week and continue to reject daily level 1.07425. We must consider every daily level, even when we have a medium to long term bias on an asset. I think we can continue to pullback to the previous daily zone at 1.07795 before we see sellers step in and put in their two cents. Also the weekly candle needs to pullback and create a top wick. We had a very steep dive last week which we caught on the sell side. The wick on the daily candle shows rejection at a Monthly support and resistance zone at 1.09. I Still like a Bearish outlook. We have inflation data this week, at the end of the week that is. I think by that time we will have solid trend, and consequently use cpi data for a continuation of trend on the 4hr which we can ride. Safe Trading.
Long
by ShrewdCatfx
2
NAS100$NAS100USD After looking at QQQ and it breaking through the "Gap Fill" to the upside and the DXY being weak i'm looking for NAS100 to also continue to move to the upside. My bias is long. Disclaimer: This is not trade advice. Trading foreign currencies, stocks, indices, etc can be a challenging and potentially profitable opportunity for investors. However, before deciding to participate in the financial markets, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose!!! Good luck and Happy trading!
OANDA:NAS100USDLong
by DTradesFX2
2
Learn What is Confirmation Bias | Trading Psychology 🧠 In this educational article, we will discuss one of the most common cognitive errors of newbie traders - a confirmation bias. In order to better understand that term, I want to start with the example: Let's say that after doing some research, you are highly convinced that Bitcoin is bullish and that it is a decent investment. You decide to buy that from 50.000 level, expecting the exponential growth. Instead of growing, however, the market starts falling rapidly. Rather than closing your position in loss, you decide to do a new research and execute the analysis, you start looking for the proof of your pre-existing beliefs. You completely neglect the voices of Bitcoin sceptics and ignore bearish clues on the price chart. You consider only the facts that support a bullish outlook, not letting you accept the other point of view. You become a victim of a confirmation bias. Unfortunately, such a psychological trap frequently prevents a closing of a trading position in time, leading to substantial losses. Confirmation bias is a common psychological error that makes a subject overvalue the information that upholds his existing beliefs and undervalue the opposing one. Here are the most common symptoms of that trap: 1️⃣One is neglecting the objective facts. 2️⃣One is interpreting information in a way to support the existing beliefs. 3️⃣One is considering only the facts that conform with his point of view. 4️⃣One is completely ignoring the information that challenges his beliefs. The only way to beat a confirmation bias in trading, is to learn to analyze the market from sellers' and from buyers' perspective. Your task is to compare the view of the 2 sides, and pick the one that is stronger, holding in mind the fact that everything can change. You should always remember of the changing nature of financial markets and be ready to always reassess your views. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
13