Reminds me of Gambler's Fallacy and Monte Carlo Casino: "Perhaps the most famous example of the gambler's fallacy occurred in a game of
roulette at the
Monte Carlo Casino on August 18, 1913, when the ball fell in black 26 times in a row. This was an extremely uncommon occurrence: the probability of a sequence of either red or black occurring 26 times in a row is (18/37)26-1 or around 1 in 66.6 million, assuming the mechanism is unbiased. Gamblers lost millions of francs betting against black, reasoning incorrectly that the streak was causing an imbalance in the randomness of the wheel, and that it had to be followed by a long streak of red." - I quote from Wikipedia
It remind me of Monte Carlo Casino because because market has been hitting the "black" so long. Many people have shorting because it is "due to hit red."
Also reminds me of saying "market can stay insane longer than you can keep money in your account." I know that not the quote but something like it.
Better to trade what price is doing. Than what bollinger band is doing. No? I agree with you
@Buy1Sell2. Market now weak and going down. But if Monday it goes up. I give up and join up. With bulls.
https://en.wikipedia.org/wiki/Gambler's_fallacy
...my P&L looking like the 4th of July.