What a crazy day. The markets certainly decided to burn the longs almost all day.
I got a few messages from traders who continued trying to pick bottoms in this downtrend. FYI, that can be very dangerous.
If you are a short-term trader and are trying to pick a base/bottom all day today - you have to have a limit in terms of how much you are willing to risk within a single day.
I've seen dozens of traders blow up their accounts in a big, trending market.
Please learn from your actions. Develop a STOP POINT related to your trading decisions.
There is no reason to continue to try to execute "bounce" trades when the markets are trending as strongly as they are today.
This video should help you understand what I see as the potential over the next 5+ days.
We are still trying to hold above critical support near the 50% retracement level on the SPY.
Everything depends on what happens in DC and how the markets perceive risks.
Gold/Silver rallied very strong today. This is FEAR related to risks.
If the US government enters a shutdown, Gold and Silver could skyrocket much higher.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #gold #nq #investing #trading #spytrading #spymarket #tradingmarket #stockmarket #silver
I got a few messages from traders who continued trying to pick bottoms in this downtrend. FYI, that can be very dangerous.
If you are a short-term trader and are trying to pick a base/bottom all day today - you have to have a limit in terms of how much you are willing to risk within a single day.
I've seen dozens of traders blow up their accounts in a big, trending market.
Please learn from your actions. Develop a STOP POINT related to your trading decisions.
There is no reason to continue to try to execute "bounce" trades when the markets are trending as strongly as they are today.
This video should help you understand what I see as the potential over the next 5+ days.
We are still trying to hold above critical support near the 50% retracement level on the SPY.
Everything depends on what happens in DC and how the markets perceive risks.
Gold/Silver rallied very strong today. This is FEAR related to risks.
If the US government enters a shutdown, Gold and Silver could skyrocket much higher.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #gold #nq #investing #trading #spytrading #spymarket #tradingmarket #stockmarket #silver
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.