waiting for a bounce is kinda like severing an artery and hoping you dont bleed to death. make sure you are always consulting your daily and weekly trends- i use the 20/40 ma's.... i fthey are rising together - uptrend... declining together downtrend. this is just a guideline of course. the monthly uptrend is intact, but you should have a strategy to protect your money- i may be a buyer in another month or so personally.
Exactly. Even if you have tons of blood like Buffet, buy and hold doesn't work. It really sucks if you apply it to higher volatile stocks. Cut loss at 7-8% max and keep the winners and trim them on big gain.