Just two of today's trades using the rising candles method. Both stocks taken from my pre-market alert list.
Both risers in a falling market. You're trading the stock not the market, and if the trend is strong there is no reason not to go against the prevailing market direction.
I know that goes against the accepted "wisdom" but it is not only logical, but works well since I've been doing it since I started to trade for a living 17 years ago.
Obviously weaker movers are more vulnerable to the way the wind is blowing.
TRGP was on my pre-market alert list and set up the rising candles method before the open so I went long when the set up was triggered.
+60c before the market even opened.
If everyone is rushing to buy before open then join them.
Being a contrarian is a self-generated ego based game in your mind; it's not in the real world.
You wouldn't stand in front of a speeding train....would you...unless you're contemplating suicide.
Go where the right and appropriate set ups suggest when there is a price action trigger.
1. I use a normal margin account, though I started off using CFDs many years ago. CFDs are good if you don't have the $25k for a PDT account. I never found any disadvantages using CFDs but that was a long time ago.
2. Movement on the day, news, gapping etc