|
Well here we are ......trying to get some direction from the market.
This week's set-ups were difficult regarding the decision making process. Oh, there are plenty of set-ups; I must remain cognizant of the fact that we have many different trading knowledge levels in our community. So...in that respect ....I had a hard time.
Please remember, I am sharing my week's watch. If the market doesn't confirm the set-up, I review it Monday night for adjustments and/or complete rejection. How do I perform that process? It's right at your fingertips in my confirmation criteria.
I am more CASH during this market environment. My positions are smaller and on shorter time-frames. Many of you have asked for long-term trade set-ups.....well.....good luck with that. I can't provide them if they aren't presenting with certainty.
Ideally, I'd like to see a small gap down at the open Monday morning to let the bulls step in later and take control after the bears try to show-off...again. No doubt the sellers have been having a party these past 2 weeks.
I expected a small bounce last week before Wednesday, then a retrace. OK..wish granted. Now what? I am still expecting a bounce and each day the market goes down, the bigger the bounce numbers grow in my calculations. We are due a bounce before the next leg down...or up. We are extremely oversold. (and my criteria list for market direction is telling me something v-e-r-y interesting)
Please, please- stay on the sidelines if you don't know what you are doing right now. I'd rather you have your capital intact when we do get a directional confirmation rather than have you dog-paddle in this tight trading range.
Have a great week!
|