a typical day in the market
Many retail traders wander around in a fog asking others "are we going up or down, short or long?".
If you don't have a trading plan for the day, much less know the direction fo the market.... Traders who know will take your money... Don't come to an automatic machine gun fight with a butter knife.
Compare this set of 5 waves up followed by an ABC down) to a daily 5" chart
(which I can't share due to TV restrictions)
The first set from thursday to the closed on friday, almost exactly matches Monday's chart, if you switch to 5" chart you can see the last two days traded identically in wave counts.
Many traders think that a day is either long or short, up or down... A bullish day is defined as ending higher, but a bearish day that ends lower, typically has a morning rally 80% of the time. I'm not talking about " paper selling " all day long for days, not the same pattern at all.
Study these two days and I will say more later.
If you don't have a trading plan for the day, much less know the direction fo the market.... Traders who know will take your money... Don't come to an automatic machine gun fight with a butter knife.
Compare this set of 5 waves up followed by an ABC down) to a daily 5" chart
(which I can't share due to TV restrictions)
The first set from thursday to the closed on friday, almost exactly matches Monday's chart, if you switch to 5" chart you can see the last two days traded identically in wave counts.
Many traders think that a day is either long or short, up or down... A bullish day is defined as ending higher, but a bearish day that ends lower, typically has a morning rally 80% of the time. I'm not talking about " paper selling " all day long for days, not the same pattern at all.
Study these two days and I will say more later.
Note
here are the two days on a 5" chart, the one i was talking about.
Please check out Kauai Dave Pivot Traders on youtube. youtube.com/channel/UCNpY7S_s1cxw0cer4PyEEMQ
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