Today's action took me by surprise. I thought it was going to be a very bullish day going into open. Well, that was short lived. Anyway, I left the trade on without a stop and got hit pretty badly. Never trade without a stop, folks! I have had my fair share of revenge trading. Automation have definitely helped in that respect.
Cumulative $TICK (and A/D line in another window) shows most everyday which side to trade:- Note: I blew up indicator larger than I usually keep it. My eyes are not that bad.
I was very bullish, too, but that FBO of yesterday's HOD made me cautious. Sorry to hear that. Been there, done that. If there's one thing I'm doing right this time it's that I take my losses and keep them fairly small. I've had a few wide stop trades turn around in my favor in the past, but eventually one of them gets hit and it's gonna sting bad.
Not sure what to make of today's semi-inverted-hammer pattern. Looks more bullish than bearish, but that remains to be seen. In any case, I hope they repeat the stealth rally again tonight. Very stealthily...under the radar of bears...
I think that candle looks bearish, not bullish. Tried to go higher and failed. Today anyway. Lower low, lower close even if it was not by much.
The yawning bear continues... Headed lower in a slow pace, although one have to admit that today's drop was kind of fast and clean now that I'm back online to check my charts. Interesting how well the year lows held up on this first test. I have a hunch we'll see them again soon enough.