We are peeling off the bottom here and this market move could continue into Friday. We are still expecting this to be nothing more than a short term bounce in a downtrend and are trading it accordingly. What this means is we are locking in profits along the way and keeping our stops tight or at breakeven. We entered into this move pretty much before anyone else so this has allowed to get a nice cushion in case this market pulls back.
Open Positions-Here are a bunch of our setups from Monday
SWM Meltdown- If you still had any position in SWM you got stopped out at breakeven before it got really ugly. Our 2 SWM setups were up as much as 31% and 35% so you had better have taken profits along the way if not pay attention!
We are heading into a 3 day weekend, the market is getting short term stretched and we are sitting pretty in 30 plus trades. No reason to overtrade. We will look for more setups for early next week.
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