Sure. As has been said many, many, many times here, this market
is all over the place. There is NO trend, other than one very big
trend down. If you want to play the smaller, intraday market
gyrations, you have have as part of your plan these frequent
reversals. There are trends going one way on a 5 min chart, and a
trend the other way on a 30 minute chart. You need to understand
how those relate to one another, and how you're going to respond,
in order to trade successfully. Though, even the people who have
been doing this a long time find this market extremely difficult to
trade. If you don't have a plan or the experience yet to respond to
these very short-term patterns, the smart play is to ride the major
trend over a longer period, and that trend is decidedly down.
Nothing wrong with hanging out in cash during this consolidation
stretch.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
Sure. As has been said
direction
Posted by rjdst on 30th of Jan 2009 at 12:10 pm
Sure. As has been said many, many, many times here, this market is all over the place. There is NO trend, other than one very big trend down. If you want to play the smaller, intraday market gyrations, you have have as part of your plan these frequent reversals. There are trends going one way on a 5 min chart, and a trend the other way on a 30 minute chart. You need to understand how those relate to one another, and how you're going to respond, in order to trade successfully. Though, even the people who have been doing this a long time find this market extremely difficult to trade. If you don't have a plan or the experience yet to respond to these very short-term patterns, the smart play is to ride the major trend over a longer period, and that trend is decidedly down. Nothing wrong with hanging out in cash during this consolidation stretch.