My recent plan has been to buy QQQ & EEM below the 50 and ride the "BTFD" rally.
I was totally distracted (by marijuana stocks, and by my new infant) and missed this last dip below the 50. I missed out on a big rally day, but I after reviewing it, I decided to chase (bought two days ago, 11/16).
- Day 1 of a new "20-30 day cycle", it should rally for at least 5 days, probably 10
- Month-long sideways consolidation builds energy for further advance
- Break RSI trendline and (today) breaking out to new highs.
- I believe central banks and governments are committed to supporting equity prices. For better or worse.
- Previous times it pierced the 50 and recovered, gains and momentum were substantial.
Adding to my EDC position today, now that we are making "higher highs", RSI still has room to run before overbought.
I am hoping for it to tag the top of the purple channel, but am prepared to sell if it drops below the 10dma.
I understand it looks easier to just "buy & hold" for a year or two, but I don't believe in this economy. I refuse to get caught in the next 2008-style collapse, and will commit to trading and reading the charts on a daily basis. Even if I totally fail at it, responsibility will be completely mine.
I was totally distracted (by marijuana stocks, and by my new infant) and missed this last dip below the 50. I missed out on a big rally day, but I after reviewing it, I decided to chase (bought two days ago, 11/16).
- Day 1 of a new "20-30 day cycle", it should rally for at least 5 days, probably 10
- Month-long sideways consolidation builds energy for further advance
- Break RSI trendline and (today) breaking out to new highs.
- I believe central banks and governments are committed to supporting equity prices. For better or worse.
- Previous times it pierced the 50 and recovered, gains and momentum were substantial.
Adding to my EDC position today, now that we are making "higher highs", RSI still has room to run before overbought.
I am hoping for it to tag the top of the purple channel, but am prepared to sell if it drops below the 10dma.
I understand it looks easier to just "buy & hold" for a year or two, but I don't believe in this economy. I refuse to get caught in the next 2008-style collapse, and will commit to trading and reading the charts on a daily basis. Even if I totally fail at it, responsibility will be completely mine.
Trade active:
Wow, EEM jumped 1.5% this next morning.
That upper trendline is now looking close.
That upper trendline is now looking close.