I fell asleep without putting on that stop. I'm glad I did, as the premarket bullsh** would have whipped me around for more of a loss than I needed to take.
Obviously, we've blown past the upper boundary of the blue channel. The dollar is down, which probably has more to do with what's going on than the housing report. *Quick*, housing is up! Buy BioTech!!
I'm going to wait and see if this cools back down inside the blue channel. If not, then this whole time we haven't been in any kind of channel but more likely an expanding triangle.
Or maybe my charting just sucks :-)
But it's certainly time to take a step back and re-evaluate the strategy. I still feel good about putting in a short today and swinging long tomorrow. And at this point the outlook for higher highs is good enough that I feel comfortable going long with unsettled cash.
Time to stare at the tape for a bit and make some decisions...
No comments:
Post a Comment