🖼 Daily Technical Picture 📈
➤ If the chart is looking congested, that's because it is. This is due to the whipsawing, range bound, choppy conditions. I think I've ran out of other descriptions...coiling maybe. I'm pretty sure market-makers are having a good time of it and perhaps day traders too...although the intra-day volatility and news flow, it may be hard to handle.
➤ With such conditions, it is probably wise to reduce risk and sit on your hands rather than being tempted to do something rash. That's exactly what I've been doing. There's been numerous times where a potential sustained bearish move looked to be on the cards but reversed course to snuff out that opportunity. An eager beaver would be licking multiple wounds from any pre-emptive strikes.
➤ That being said, price structures on all major equity indices in the US and Europe that I trade are almost back in sync. This simply means, once a trade opportunity arises, I will most likely be able to add risk simultaneously in multiple indices, hence, build a moderate to high conviction position at the portfolio level. Above average profits or losses should be expected.
➤ I remain long with +20% exposure for now. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Coiling price action, poised to strike.
➤ If the chart is looking congested, that's because it is. This is due to the whipsawing, range bound, choppy conditions. I think I've ran out of other descriptions...coiling maybe. I'm pretty sure market-makers are having a good time of it and perhaps day traders too...although the intra-day volatility and news flow, it may be hard to handle.
➤ With such conditions, it is probably wise to reduce risk and sit on your hands rather than being tempted to do something rash. That's exactly what I've been doing. There's been numerous times where a potential sustained bearish move looked to be on the cards but reversed course to snuff out that opportunity. An eager beaver would be licking multiple wounds from any pre-emptive strikes.
➤ That being said, price structures on all major equity indices in the US and Europe that I trade are almost back in sync. This simply means, once a trade opportunity arises, I will most likely be able to add risk simultaneously in multiple indices, hence, build a moderate to high conviction position at the portfolio level. Above average profits or losses should be expected.
➤ I remain long with +20% exposure for now. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Coiling price action, poised to strike.
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✅ Copy My Trades @ eToro, www.etoro.com/people/mrstocky
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Not Investment Advice
✅ Copy My Trades @ eToro, www.etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice