Running For Cover
Much stronger than expected
consumer confidence figures this morning
sent shorts scampering — no, make that sprinting — for cover. Unfortunately
for some (fortunately for the pros), many sprinted right into an hourly
downtrend brick wall faster than Wile E. Coyote, providing tradable overreaction
reversal entries along with the earlier long triggers. The Qs are at yet another
key decision point as we approach mid-day with opposing 13-minute (up) and
hourly (down) trend supports, one of which has to give way to signal the next
likely leg.
12:00 P.M. ET
At the risk of
preaching, for goodness sake, make sure you stay on the professional side of
these emotional extremes. Trading is not a race, nor is it about catching every
(or any) large run … it’s about high-probability low-risk income generation
over time and nothing more.
Good Trading!