I published a quick update that said I sold 15% of my position. I did NOT exit my entire position, all I did was lock in some profit which was part of my plan if you read the details of my previous reports. I am still , but I am simply following best practices: sell into strength. Locking in some profit is never a bad idea, and it reduces risk. If you don't understand this, then greed drives your perspective. It also means you have not learned anything from the 20K sell off.
Do I think this market is going higher? Yes. I locked in some profit just in case the retrace becomes more pronounced which is still possible. In fact, the was tested at the 10680 low and held which is a sign of strength. The problem is this market needs to establish a reversal pattern in the current price location, otherwise it may break the .
If the breaks, is that the start of a new move? Not necessarily. It just means momentum is becoming less . If there is a break and decisive close below the , I will be watching for the 9604 level (.382 of current swing) as the next support for a reversal and place to add to my position trade.
In summary, my choice to sell 15% of my position was not a reaction. It was a predetermined adjustment that I described ahead of time, which required the market to show a certain condition, and it appeared. Emotion does not drive my decisions, my well defined plan does instead. I was interested in selling around 11400 but instead of placing a limit order earlier, I chose to give the market a chance to go further. This is the trade off that we must always face when in these situations. I can place a limit order and sell too early if the market goes straight to 12K, or I can give the market a chance in which case I may get less than 11400 if I use a candle low as my trigger to take profit. There is no perfect way to do this. Your choice here is a function of your risk tolerance. I still have 85% of my position, so what if I make a little less as the market goes higher, and I will add back to it IF the market gives me that opportunity. Managing a position trade is like managing inventory, and I just locked in some "retail" prices at a potential peak.
Questions and comments welcome.