Exited.
Gold, Silver, and Indexes Using Price Action
- Thread starter Gringo
- Start date
Exited.
After a decade and a half the QQQ is approaching the all time high. Are we going to look back at this and say how people couldn't get rich despite such a one sided and consistent rise since 2009? Is the end for this bull cycle near? Would we be calling it the sovereign debt crisis?
For someone who pays more attention to price, it doesn't really matter to me. Money's made by timing and picking the right direction. What's not so obvious is that it's been half a decade of upward movement for price. Many new traders, speculators, and investors have not experienced serious market weakness in some time. No matter what anyone says, eventually the bear side of the market does rear its head and with it a change in fortunes.
There are those who'll thrive, and those who'll survive. There will also be scores of those who'll get wiped out. Whether it takes another few months or years is irrelevant. What's relevant is to have a system that works in both situations. I have experienced the last crash and boy, many remain in denial, trying to pick the bottom, and the vicious rallies that give the illusion of the return of bull. It is fun and exciting when the tide turns. Will it turn soon? We don't know. So far, it's up, up, and away!
Gringo
For someone who pays more attention to price, it doesn't really matter to me. Money's made by timing and picking the right direction. What's not so obvious is that it's been half a decade of upward movement for price. Many new traders, speculators, and investors have not experienced serious market weakness in some time. No matter what anyone says, eventually the bear side of the market does rear its head and with it a change in fortunes.
There are those who'll thrive, and those who'll survive. There will also be scores of those who'll get wiped out. Whether it takes another few months or years is irrelevant. What's relevant is to have a system that works in both situations. I have experienced the last crash and boy, many remain in denial, trying to pick the bottom, and the vicious rallies that give the illusion of the return of bull. It is fun and exciting when the tide turns. Will it turn soon? We don't know. So far, it's up, up, and away!
Gringo
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Those puts would have caused some stomach ache. Even now there's no sign of a break in DL, neither daily nor hourly. SLA is quite a godsend if one can learn to not over engineer what already works. I've never had a year where I was sitting on profits and humming away.
Usually I would find ways to sabotage and blow the account. Another month to go before the final verdict, but so far so good. I have been agitating to do something lately but there's no signal at all out there to do anything. All I can do is sit and wait, at least for my EOD trading.
Knowledge can be summed up this way:
Vicinity of S/R or TL: Break + Ret -> Profits
Gringo
Usually I would find ways to sabotage and blow the account. Another month to go before the final verdict, but so far so good. I have been agitating to do something lately but there's no signal at all out there to do anything. All I can do is sit and wait, at least for my EOD trading.
Knowledge can be summed up this way:
Vicinity of S/R or TL: Break + Ret -> Profits
Gringo
Thank you for pointing that out.
