Prices rallied during the overnight session following the large selloff we had on Friday. Friday was an ugly day, but it was overdue and needed to be perfectly honest. It is difficult to know if the down correction is over and if prices will continue higher from here, but it looks like prices have found highs for the day, even if only temporarily, although I could see prices attempting another leg up as well.
Note that there is a large overhead gap on the chart, and if prices attempt to fill that gap, that target is down at 7368.00. For now, it does appear that the down channel for the current correction has a break and a new low in place. That does not mean we have to go higher now, but that is very possible.
Expect some mixed trading at times today, but otherwise, look for either a measured move up attempt, or an attempt to fill the gap down at 7368.00. Either option is not out of the question, although the bias so far has been mostly up this morning.
Mack,
I wanted to let you know that you have been a great blessing to me in learning this trading. I have been getting better and better and making money more consistently. What happened recently to me was that I set rules and time limits for myself. I only trade from the opening (6:30 am, Pacific Time) till 8 am. I also only take between 1 and 3 trades. And I wait. Only take very good trades. If I miss a trade, no problem. Wait for another trade. My first thought of the day is, “You don’t need to take a trade today.” There have been a couple of days when I didn’t take a trade, but almost always, in that time, there is a good trade.
The best part is that I can make a mistake and it doesn’t send me off the deep end. I have lost two trades in the last 2 months. My biggest victory is simply letting that loss be, not fretting over it, and waiting for the next really good trade. Victory! Those bad trades no longer throw me into “tilt” mode. That is the biggest difference between my previous struggle trading and my consistent trading now. There were two days in the last 2 months where I didn’t take a trade, two days where I had a loss, but all the other days have been green winning days. It has been a long journey, but If is finally paying off. Thanks for all your work and teaching.
Blessings,
Joel Mattsson-Boze
Nice job. Congrats on the success.