Set To Watch
It is imperative that when trading ranges occur, you keep your wits about you
and remain patient. Things will, almost without exception, resolve themselves in
one direction. The key is remaining observant and not jumping right in, based on
your own notions. Let the market tell you when the time is right.
We have been discussing in the
TradersWire Interactive chat room over the last hour about
possible direction. As of this writing, the Nasdaq 100
(
$NDX.X |
Quote |
Chart |
News |
PowerRating) has
broken out from a triangle/slanted triple top and made a move higher. Will this
last? No one knows for sure, but moves out of this pattern can be very powerful, and
a failure can be just as telling.Â
The point I am trying to convey is that while it is good to have a bias toward
one direction, being locked into it is not. Learn to be observant and read price
action as it unfolds. I will leave you with two quotes from the great Jesse
Livermore that will enforce this even more for you:
“There is only one side of the market and it is not the bull
side or the bear side, but the right side.”
“After spending many years in Wall Street and after making and losing
millions of dollars I want to tell you this: It never was my thinking that made
the big money for me. It always was my sitting.”
Have a great weekend!!!!