Being patient is a huge virtue in trading.
There are some decent setups around, but not ones where you would go in with all guns blazing.
This week will tell us more about whether the market wants to make this current retracement into a bull flag and the start of a new up move, or whether it wants to double down into a bearish trend.
No-one has the benefit of hindsight, so allow the market to tip its hand to us, and then you can exploit the opportunity with confidence using OVI setups.
Officially the market still says bearish, but there could be the first tentative signs of a sustained recovery.
Just to add that last week I mentioned about my 5-Part Trading Blueprint.
This will ensure you trade the right way every time … It goes like this:
P
T
T
T
P
And here’s what those letters stand for:
- Plan … this is the mandatory 4-part trading plan (Entry, Defend, Grow, Evidence)
- Tactics … these are your specific trading strategies such as breakouts, pre-earnings, post-earnings, reversals, options, etc.
- Tools … these do the hard work for you, ie my software applications, TradeFinders, calculators, etc.
- Training … whatever works best for you, whether it be videos, webinars, live workshops, mentoring, etc.
- Practice … as an old sports coach taught me, it’s not practice that makes perfect, it’s “Perfect Practice Makes Perfect“.
As per my message last week, stick to the most obvious setups and don’t load the truck right now!
And again, be conservative with your first profit target, in the way that I teach.