If you step back its clear to see that the market is trending down. However the trend is driven by larger time frame traders or decision makers like my buddy Joe da Sixes and large funds.
I’m a day trader so I am short below the OR and right now really enjoy that position, or long above the OR and will take profits early. I am quick to take profits as we rotate inside the Value area as well.
I caution everyone reading this blog who listens to anyone who thinks they know what the market will do. They will claim huge historical successes or that they have been watching the markets for years thus supposedly giving them some insight, or they have written a book or have provided years of commentary.
They don’t have any more of a clue where the market is going to do than the next guy who is looking at a 50 and 200 day MA. In fact it amazes me how some industry professionals who have been on the floor for years and who think they know enough that they can give advice are so clueless.
If they really did know anything they would be traders and not talkers.
Look and listen but draw your own conclusions. If you are reading this post I bet you are smarter than most of the clowns on the floor.
Tim Mack
“Believe nothing, no matter where you read it, or who said it, no matter if I have said it, unless it agrees with your own reason and your own common sense.“ - Buddha
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2 comments:
Thanks, Tim!
Thank you for reminding us that don't listen others...someone just so sure we will crash in days, but market just jump huge...
thanks for reminder!
expect to read more!
Tony
Amen Tim, this point can't be made too often.
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