Monday, February 25, 2013

Let it Ride!

In case anyone was wondering or couldn't figure it out, the last count I posted has been COMPLETELY RIPPED APART.

So instead of waiting on a fifth, it was complete as a 1 or an A.  2 completed this morning and we have a 3 of 3 on the board.  1488 hit, but it's no longer the target. 

"How do you deal with the /YM high this morning?"  Basically, like this... It lagged, the others did not truncate, and thankfully im not positioned in DOW.

Big Head and Shoulders on the Nasdaq.

The way to play this move is to look for extremes in your indicators matched with "reversal".  I really dont think this is the big one, at the same time it's not an average correction, but anything is possible.

I watched a video the other night on some traders because, let's face it.. I'm moderately obsessed.  One thing stuck out was this guy sitting in a plush house drinking wine like it's water and in a full reclining position talking about how easy making his money was.  It's obviously not that easy, but his advice came in two blocks of hard truth.

1) Win every day.
2) Let it ride.  If you're winning, bet more, let your winners ride.

While #2 can get you in trouble quick, if you abide by rule #1 it's not a problem is it??
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