These are not the most convincing patterns as i need more candle bars but as of now, today's decline looked corrective and hence we could move up from here but with today's Big Ugly Red Candles on leading stocks like BIDU, FXI and others, I'd think that we might be good for one more small push higher and that's it, for now.
I will be trading with smaller share size and i will place shorter term trades as it looks like we could in the early phases for a larger pullback in prices.
3 comments:
Thanks for your flag analysis. I think we're in for a correction until mid-Oct., and then we should see real volume and a rally to new highs. I'm sitting with 25% cash to buy on dips.
-BD
I'm sitting in almost all cash, minus some AAPL $155 calls I may hold towards earnings.
I'm not getting good reads on the market, so I'm not wanting to hold anything overnight, just taking it day to day, smaller lots, quicker trades.
Thanks for your contributions, Stewie, you are an asset to Wallstreak.
BD: i agree with your assessment that we will enter a little period of weakness and i think that the easy and hot money has been made. it will be harder to find to the low hanging fruits. :-( But i agree that we are setting for a monster year end rally.
Doud: Thanks for the nice words. All cash now sounds like a decent idea. Protect the nice gains you worked so hard to accumulate lately and shoot for the high probab. trades.
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