He Who Waits…
He Who Waits…
UPDATE 1:24pm EDT: Now we’re getting somewhere:
Either this was the end of Minor wave B of Intermediate (B) or we trace higher to visit the 50% fib line. But a 38.2% retracement is more than sufficient to qualify. I actually snoozed at the 845 as I was busy with other chores and am now unsure of whether I should load up here again – I’m actually a bit miffed about it. But you snooze you lose.
The NQ is obviously leading this thing and it just dropped down to its VWAP which on my chart paints at 1318 today. So, if we drop right here it’ll have to make it through that – if it bounces back then we’ll know that the MMs are just churning the tape a bit. So, I need to see either more upside or more downside before I grab a moderate amount of short positions.
Alright – I think it’s time for a dose of ancient Chinese wisdom:
Generally he who first occupies the field of battle to await the enemy will be rested;
He who comes later and hastens into battle will be weary.— Sun-tzu, The Art of War
Here’s a little homework: I want you rats to think about this one and tell me how it directly applies to trading – and more specifically to how we are trading the next week or two.
UPDATE 1:37pm EDT: Here’s your channel du jour:
Here’s where the bears and bulls separate from the market makers. Time for some of that truthiness 🙂