Tuesday, November 1, 2011

Be Greedy When Everyone Is Fearful

Market is finally pulling back. It is giving the patient ones the opportunity to buy the pullback they were waiting for. The rally of last two weeks was very painful for shorts, they (those who are still in) will cover to reduce their pain or to break even. Those longs who were out early (yours truly included) will get back in. Levels of support are quickly being sliced through in volatile futures session. This is the time to watch the market like a hawk. Traders will use the time of highest fear to reload the longs. Use all of your indicators for gauging the entries wisely.

Update Nov 1 @ 9:45 am
ES 1238 and 1209 gaps have been filled. Power of charts!

No comments:

Post a Comment