Markets made off like a bandit from the start of the morning, but overnight trading made the optimistic view possible. Yesterdays late day intra-day acceleration materialized overnight causing our PA a great deal of pain of being on the wrong side. What can you do...?
As for the ST, we have changed over to the upside and this whipsawing just isn't helping to keep our trend on a consistent path. Often times traders email me saying that the signals that are given is not the problem, but the gaps that keep their trades a loss is...
I will try to see what I can do to better the analysis to tell us when to get out but often times you always trade one for some other unwantables (if there is even such a word). But as a general rule of thumb is if you are on the right side of the "TREND" the counter trend gaps should resolve itself. This is often the best way, but with a little patience needed.
MT: DOWN
ST: UP
PA: UP
The charts have turned bullish again. A price decline of significance is needed to keeps the bears alive.
— Mike Pena (@Pok8Rok8) January 8, 2015
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