Stops should be moved, imo, according to market action; the market does not care if one is "breakeven" or not; the price at which one bot or sold is irrelevant. That said, stops SHOULD be tightened once a large-range bar has put one's position well into the profit range. Large bars are often portend the END of a move; they are a sign that the ongoing trend may be over.
70 points translates into around 5% of the S&P which was gained in only 6 days. Compound anything close to that over a years period and you get the message--correct? If that is not a grand slam what would qualify one? Nonetheless, if you are comfortable and happy giving up 60-70 point gains waiting for 200-400 gains more power to you. DMartin
Agree with all said. At this point, market action has not been sufficient to the upside to warrant moving my mental stop down.
How do you think H&S pattern are formed... similar to thrusts and springs. One of my best setups are these wycoff moves I thought I discovered them on my own. Thanks for the info on them.
The overnight gap was almost closed (the low for today is 83.50). If the market stays above this level AND clears 92.50 with authority (no upthrust), that would be short-term bullish. I wouldn't want to be short. No positions for the moment. Back at 2.
Possible H&S top here: 91.5, 94.75, 91.5. Drop below neckline at 89 would confirm. Rise above 93 would invalidate. EDIT: That spike to 93 pretty much wiped out the H&S.