Blues Blitz
Ever seen or heard about how Bluefish gather and feed on bait fish in a fast frenzy? I’ve seen it and what a sight. They ravage and gobble every peice of meat within biting distance while ripping the flesh without mercy. Then as fast as it started, total silence. It’s over and the fish are gone. I always think of Bluefish Blitzes when scalp trading. I define scalp trading as jumping in on the building of a wave, riding the wave like a surfer, and then jumping or falling off as the wave diminishes.
I was riding two (2) waves as the market closed yesterday. CSUN and CTDC. CSUN has gone on to become one of todays top Nasdaq gainers making a new 52 week high. It pooped at the open, drifted down a little, recovered, and will probably selloff with profit taking. CTDC was doomed at the open and has been falling all morning. I watch (and draw on charts) trendlines for scalping. CTDC will bottom and turn at some point..
I hope none of you are trading as discussed yesterday. General markets are down and I see no reason for newbies to be trading.
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