After my last few trades where it seemed like I was running around with my head cut off, I realized I am trading very weak positions with really easily reached stops, and I have not been patient with the market and letting the proverbial boat pull you. My thought now after the big drop yesterday was to play a longer term downturn, but I neet to wait for a good entry in the market - my stop will be above yesterday's - and the markets - yearly high. Here's my thoughts:
Wait till there is a favorable risk to reward ratio, right now it looks like the market is headed toards 105.41 at the trendline, the high yesterday was 110.31. That currently is risking 1.95 points for a potential 2.98 gain...too much risk.
We'll see what the market says.
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