Weekly Stock Charts
Identifying index & ETF trends in weekly stockcharts
- Rank: 38
- Followers: 18
- Votes: 180
- Years Member: 16
- Last Update: 24 February 2020, 9:04
Feb 24th 2020 9A Update: Futs are bright red as I%27m typing this....fear is creeping back into the markets. Usually these provide great buying opps, but no need to rush in & start buying. Best thing (for me) to do is just sit there & wait. You%27ll see the new set-ups develop over time. No need to be a hero & try to catch the exact low. As far as my trading, I went out Fri 60% cash, 40% long, some short hedges + 1/2 $TLT + 1/2 $GLD. My plan is to let my stops work on 40% longs (because we could end up even lower by end of the week) those longs will most likely all get blown out except a few like gold miners & scale short hedges, $TLT, $GLD down to 1/4 size then let them run into targets (or trail stop takes me out). IF you%27re not going to scale out into deep red, then when are going to scale? When the market starts ripping higher?? I%27ve found it best to take some off into deep red & keep a runner. (Just what works for me). The point of short hedges is to protect downside risk which they%27ve done. As my longs get blown out, I need the protection less. The idea is to try to get as close to flat as possible (not to make money short). (I%27m a much better long than I am short...and I%27m much better swing trader than a day trader, but that%27s just me). OK, that%27s enough for today. Use stops, manage risk, + size properly. Good luck out there!
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