Perception is reality, what’s yours?
The early morning globex charts were posted, and the narrow range at the time was “only” 20 points.
EOD charts posted after being away from the markets all day.
Kudos to Zeek for leading the team today, well done following the system.
A few brief comments, and obviously in hindsight.
Managing risk is a must in this treacherous environment. It is more important than profits; one bad over-leveraged trade and we are out of business.
Travel range for this month? Less than 25 points short of last year’s range.
The Herd of Bulls needed another shot of Nitro after succumbing to a premarket swoon. Lunch bounce looked like a repeat of yesterday; the law of alternation suggested that was doubtful.
I felt the market needed a pull nback; the problem of course is “how far”?
Start with the 456 trade, what else can we do?
Reduce exposure, manage risk, and get out of the way if a bullet is coming at us.
Sidelines and think when confused. No shame in that. Conservative traders have a better chance of surviving. Get in, get to break even, manage stops and trailers.
Sounds easy…simple in fact.
We all know better.
Follow the traffic signals, and be careful of a drunken driver running a stop sign or red light.