First, I am not really a trader at heart… and, so I tend to be very cautious. I don’t need to do this. Second, when I do trade, I’m not too very disciplined, and I don’t watch my positions all that carefully. That kind of behavior can truly come back around to bite ya, ya know!
But, looking in our 16 charts… You’ll recall that I noted support being found, and a likely bottom being put into place a week and a half ago. I then identified last Wednesday as a rally launch, judging by both price and volume. Then, I said that a true rally will follow-through and confirm… typically, or perhaps, best, if it lifts again, and on volume again, some 4 to 7 business days out. We are now coming up on that now, as this is Tuesday, and it is Day 4.
We could say that we have seen the ‘perfect pop’, now followed by the ‘perfect 3-days of digestion’. Now, we want to see the follow-through rally… which would ignite trader and investor interest. With what exists in the charts, right now… one could take a position in something like the 3X ETF, NUGT, and put a mental stop under the very most recent lows of the past 3 trading days, and await what might be the next pop of confirmation… or bail after day 7, and almost certainly by the end of day 10, the 29th of March.
I’m going to look again, make a decision, and possibly step up to the plate to take a swing. What are you going to do?
I looked at everything. I think it’s a real good trade. But, I’m not going to pull the trigger now. I am going to wait for actual confirmation first, which may just come here very soon! What will you do? Who here is the more courageous trader? Be disciplined. Have a plan, both for getting in, and getting out; and work your plan with discipline. Do you see the set-up that I believe that I see? If not, don’t go for it. It must be your OWN plan… only let me help, but do not be dependent upon me or anyone else. Be your own man, and trade your own plan. I’m going to wait for confirmation….