Correction: * New leg lower
Market seems to be accelerating to the downsides. I was ignoring the warning signs and entered a few poor quality setups so I lost probably around 2% from last week.
I've had enough so I created a new rule where I can only enter picture perfect 5* setups in bad market environments like we are in now.
Despite all this, I'm flat for the month and sitting on 100% cash, which is quite refreshing to see given the indexes lost quite a lot and we're probably heading lower.
I need to remember that sitting on cash is an edge.
We've been in a bad environment for over 120 days which is the longest consecutive one since 2015. I expect another leg lower but I think once we find bottom, we can see a really strong rally. Maybe that rally will only last 1-2 weeks and then the market rolls over and we continue the correction, but the momentum leaders with 99 RS ratings in that rally will likely go up 100%+ in short amount of time. And I will be prepared.
For now, sitting and waiting.
Market seems to be accelerating to the downsides. I was ignoring the warning signs and entered a few poor quality setups so I lost probably around 2% from last week.
I've had enough so I created a new rule where I can only enter picture perfect 5* setups in bad market environments like we are in now.
Despite all this, I'm flat for the month and sitting on 100% cash, which is quite refreshing to see given the indexes lost quite a lot and we're probably heading lower.
I need to remember that sitting on cash is an edge.
We've been in a bad environment for over 120 days which is the longest consecutive one since 2015. I expect another leg lower but I think once we find bottom, we can see a really strong rally. Maybe that rally will only last 1-2 weeks and then the market rolls over and we continue the correction, but the momentum leaders with 99 RS ratings in that rally will likely go up 100%+ in short amount of time. And I will be prepared.
For now, sitting and waiting.
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