Late day breakout
After simmering all day long, the market finally broke out late day as it did an end run around Friday’s high.
What are the cues that trigger your bias long or short?
We have to make a choice, and usually one decision is better than another when viewed from the perspective of hindsight.
Sometimes it’s easier to play one side, rather than try to get too cute and play every little wiggle in both directions.
I keep looking for the timing for buying pullbacks or shorting rallies, depending on my judgment of the main thrust. As the fog lifts, and it becomes clearer which side is winning, my system says: “Join the winning team !”
If I have made money but have been going the wrong way, at some point I will get my head handed to me if i cannot get my mind right with the market.
Think of it as critical mass that reaches the tipping point, and that becomes the point of no return. Often, that is in the afternoon as the big boys show us their real intent, especially after 3 pm.
Secret code traders found great symmetry today.