...when all those around you are losing theirs, you don't understand the situation.
And so it went yesterday. Another day, another crisis, another chance to trade smart or not at all. All the traders that I know on the stream DO know the situation. Which is why most of them are able to get through a day like we all had yesterday. We were all on information overload and needed to turn down the noise.
I'm in all cash now and am still watching my setups to see how they are resolved after yesterday's action. I see a lot of gaps that need to be filled and know that the stocks will probably go back to their breakout or breakdown levels. How they act if and when they approach these levels will determine how I trade at that time. I'm not feeling compelled to jump back in. I can wait. Patience is key here.
The market action yesterday had everyone running for the exits. So today I just want to make sure that I don't get trampled when they all come thundering back in the door.
Screw your head on straight, keep your wits about you; trade smart... see you all on the stream.
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