Weekly Raid #61 - Don't be a Tools of the Trade
Good Tuesday Morning traders
We are hopefully back to normal volume and action today. My advice is to treat today like a Monday and let the dust settle before you trade.
Let’s dig in.
News of the day
We have a few things to watch today, but it’s nothing especially important. Bostic is speaking at the open (how convenient) and I am sure that will cause some volatility, even if it’s muted. Then later this afternoon we have some additional Fed speeches and 1:30, 3:00, and 6:00 pm. Although the only ones important in today’s trading context are the first two.
We also have a few Bond auctions today. These are fairly important because they will give a clue into the liquidity present for new offerings. Any issues getting face value and that could be some cracks starting to show in the feds façade.
Today will be mostly about a few of the tools I use to trade. None of these are paid promotions, just things I use that I find useful. A few of the links may be affiliate links, but don’t feel like you have to use them if you sign up. Just google the tool and you can sign up through there.
I use this daily for my charting platform. For roughly 20 bucks a month, you get solid data and a bunch of tools and community scripts. Honestly, you can use their free version if volume and live data aren’t that important to you. I rely heavily on the volume profile for my trading so it’s a must for me, but if you trade off a daily setup, free should be fine. In addition to the charting, they have a solid economic calendar, screeners, heat maps, and a thriving community that will have just about any indicator or script you can think of. Plus it’s mobile friendly.
This is really as close as I have found to a Bloomberg alternative as you can get, especially for free. It does require a little bit of Python knowledge, but it’s really easy. You basically type into a terminal and you are good to go. You can enter your own data APIs for premium data or use the plethora of free ones they offer. You can create custom reports and do a ton of other cool things just by playing around with it. In my opinion it’s definitely worth a look.
This is where I get all of my options flow data from. In addition to all the congressional stuff you see on Twitter, their product is really top-tier for the price. I have tried a few of the different “flow” providers throughout my career, and they are really differentiating themselves as a valuable resource for the price.
Today’s watchlist will be slightly shorter as I don’t see a lot of tickers that mesh well with my trading style. That’s subject to change off the open, but we will see.
First up is MSFT, it is running right up into its yearly POC and I expect this to act as resistance, at least in the short term. I will be watching the volume around there to look for a signal its failing and that I can resort it.
Second is DIS. Rumors are circulating again about some activist investors looking to take on a board seat to change the direction of the company. The stock rose on this news (clearly happy that someone is attempting to help them) but I think that the news bounce could be short lived.
As always trade well and Good Luck
As always this is all for educational purposes only. You are solely responsible for your trades as I am for mine. Nothing in here should be construed as financial advice, but only educational content about the markets and my particular trading style.