As per my previous post – I have absolutely “zero expectations” for the next few weeks / months of trading.
I’ve seen this kind of market activity many, many times in the past. Dead money just sitting there doing nothing. Staring at it……not the way I choose to spend my days. Now, there is always the possibility that things may change…some major news event, or large-scale geo political scenario where markets react but seriously……in the current environment, the “Trump environment”?? One can only assume something impactful leading to further “downside” if anything.
This “summer thing” is for real, and rightfully so. People are out throwing frisbee’s with the dog – not hunkered down in some dingy basement pouring over charts.
Best recommendation I can make for trigger happy traders – keep a close watch for news / anything that “might” provide opportunity to move the needle but otherwise..take this down time to do two things:
- Practice your entries on a one hour chart.
- Continue study on “macro markets” as opposed to “day to day activity” in a single market.
The one hour chart is where I generally make my entries “after” I’ve established a reasonable area of both “price and time” to do so. This generally dictated by daily cycle counts.
Getting a handle on “how this entire thing works” is extremely valuable. Once you’ve included Japan in your analysis, currencies and their roles on a global perspective “and” the relationship with bonds / stock prices and gold. You’ve got a very good platform to form your trade analysis.
If you only approach this as a technical exercise ( trading that is ) …..unfortunately you’ll struggle longer term.
I’m cashed out, short of small holdings in ACB ( Aurora Cannabis ) having blasted out my few “USD long trades” entered some days ago – flat / break even / boring as hell / stuck in the mud.
I don’t waste time on this, when markets go on holidays.
Let’s Go Pens!