From Paul Singh today. A reminder to trade with the trend.
Trading with the trend for me means this; I drew these channel lines and saw that they basically behaved like bollinger bands.
I took my foot off the pedal July 26 and got confirmation on a market pull back the same day with a reversal candle. Since it's hot and sunny here in Montreal I took a beak from trading and went CASH.
Hanging at the pool is all good but I got back in and this morning I was trading with the SPY which was on a nice trend up. But it was whippy and I was struggling.
Paul's twitter came through and I thoughts oops, think Macro. We are still in the pull back. So get short and stay short for another week or two keeping an eye on that trendline for support. As the larger ATR narrows we can expect the market to turn around and give us some nice green days in August but the low volume may not make them as strong and stock picking will be important.
I took my foot off the pedal July 26 and got confirmation on a market pull back the same day with a reversal candle. Since it's hot and sunny here in Montreal I took a beak from trading and went CASH.
Hanging at the pool is all good but I got back in and this morning I was trading with the SPY which was on a nice trend up. But it was whippy and I was struggling.
Paul's twitter came through and I thoughts oops, think Macro. We are still in the pull back. So get short and stay short for another week or two keeping an eye on that trendline for support. As the larger ATR narrows we can expect the market to turn around and give us some nice green days in August but the low volume may not make them as strong and stock picking will be important.