Yesterdays bludgeoning took away all of my bullishness as my indicators went back in the red. I totally forgot that my system accounts and allows for one day reversals to prevent “whipsaws” from occurring. Technically I should have stayed short on Friday and would have started this week of very nice, and still would not have received any signal to cover. I won’t make this mistake again in the future.
I’m not really keeping track to closely what’s going on in the market because I’m not going to try and be a hero and call the bottom. However, on the flip side I don’t want to become to bearish that I fail to consider that the market has bottomed and is ready to climb again. I know this about myself that I’ve become so entrenched in one side that I completely miss the obvious when the tide shifts. Another reason why it’s important not to trade based on feelings.
The chart below probably will turn out to be nothing, but it was something that I noticed and thought I’d show you what I was seeing. If we bust through here we’re heading to 2100 (Feb lows) and we’ll see how that support fares.
