You NEED to be very flexible and be ready to trade ALL charts that change, morph, bob and weave. Just be ready to react to the charts. SRS looks ready to break lower now. Yes, things change that quickly from day to day and you need to be there ready to make important quick decisions WITHOUT bias. Tomorrow things can change again and you need to be ready to react.
3 comments:
Bought SRS at $28.50. Did not take profits yesterday and today morning. Was expecting some up movement today. If SRS opens lower tom. gonna sell my entire position. Regreting now for not taking profits. Take profits and not be greedy in these markets is my lesson.
Nice blog!
hi steve. we bot SRS as well at exactly 28.5 and we got out today at 29. had to get out of as i didn't see the monring decline as very threathening and went long some other stuff. in this market, there are no real big trends so get in the habit of booking gains and losses quickly. these smalls gains will add up.
Looks like a basing pattern to me, albeit it being early to say.
Pos MACD divergence for last few weeks. Those things usually correct themselves when something is drifting down slowly.
That pattern would have more possibility as a continuation rahter than reversal pattern if it hit the bottom of the triangle first, not the top.
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