The One Trait Top Traders Have In Common
At All About Trends, our mantra AT ALL TIMES is “REGARDLESS OF WHAT THE MARKET THROWS AT US”.
After all that is a trait ALL top traders have in common and that
is what ALL of you should be striving for vs. getting sucked up in all
the Euro hoopla.
When looking at the daily charts, you can see we are hitting some
resistance levels. What we want to do is give things a little time to
sort themselves out which means PATIENCE with a capital P before we get
too cute in any one side of the market here.
Even if we are
ultimately going to work higher over time, we have to work off this
recent spike we’ve seen the last three days which leads us to buy the
dips (and cover shorts at the same time). That is IF we are going
The name of that
game with that scenario is First Thrust Up, Pullback Off Highs (POH) as
the chart of watch list stock BLOX shows:
There is also a
good possibility that IF we can’t roll over at some point this week that
things become a chop fest in the indexes with things moving more
towards everything being more of a market of stocks with issues trading
to the beat of their own drum. Fine by us from a hit and run standpoint
long or short. We’ll see about that though over the coming days.
In other words we
need some chart time to see how things sort themselves out. We’ve
overall done a great job in the hit and run dept. long and short and
that’s where we want to keep our focus for the time being.
This all the
while the indexes basically go nowhere. Sure they are at one month
highs! Isn’t that great? On the surface it sounds great (according to
headlines that flash across the screen) but when you look at the daily
charts we are right back to where we were a little over 4-5 months ago
depending upon what index one looks at — hence NOWHERE.
Can you see why we are more interested in hit and run and why you should be too?
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