In the market these past few weeks nimble is the name of the game. To pull money out of this unclear sporadic market you have to be able to develop ideas for both long and short; so you can take advantage of the range bound market action which that can move both directions in a reasonably short period of time.
Being able to develop solid trade ideas and stick with them is also very important. Unless an extreme catalyst occurs, one day of price action should not change your overall directional move of the stock. This is important because this markets is very stock specific, so what might not work out in todays trading might play out tomarrows. So sticking with short scenarios for weak stocks and longs scenarios for strong stock you increases your chances of success by focus on the highest probability for follow through.
Also in this market (more so than normal) quick profits is the name of the game. Even though is a very stock specific the indexes gives us signals on when we should take profits and/or cut losses. Since we have been range bound intra-day a lot in recent price action, it is prudent to take profit or at least scale out of positions when the markets hit support and resistance level.
As professionals we must assume that these levels will hold because of the current markets environment (until price action tell us other wise). I have found myself frustrated in my own trading (not getting full potential of your trade ideas) trying to hold out for more profit in front to res/sup levels; in this environment we must trade what the markets is tell us is available not what we think is available.
