11th Day of QQQQ Short Term Down-trend
The GMI and GMI-R are both at one. T2108 is back in possible bounce territory, at 19%. Better to be on the sidelines, mainly in cash.
Comments ( 4 )
Shawn M added these pithy words on Thu, 5-20-10 at 3:08 pmIt feels great to have been on the sidelines for all of this! Is the long term uptrend close to being in jeopardy? How soon might you switch your pension to cash?
David Olson added these pithy words on Thu, 5-20-10 at 4:26 pmDr. Wish:
I have been following your GMI and GMI-R, the WORDEN T2108, along with some trend analysis of my own and just closed half of a position with a 28% gain: SRTY bought at 43.6, sold half at 56.
Because my trading account is net short, I thought it be wise to close half a position and lock in gains. Based on the indicators I follow, along with the ones on your site, until the trend reverses, I am net short.
I like how you teach to wait for the market to make a choice and then act rather than anticipate. Truth be told, no one really knows how long the market or a security will move in either direction, so responding after a trend has been established makes much more sense than anticipating a turn. Like when driving, we turn when the turn is there and not before hand.
Thanks for the market updates and commentary, please keep posting!
David
Dr. Wish added these pithy words on Fri, 5-21-10 at 5:46 amCongratulations on your trade, David. I fully agree with your take on trend following.
David Olson added these pithy words on Fri, 5-21-10 at 10:28 amThanks DR. Wish!
By the way, I closed out the rest of my SRTY position this morning: the erratic action in FOREX as well as the equity markets this morning makes me not want to have open short positions going into the weekend. I also have meetings today and wont be able to be as attentive to a 3x leveraged security as I want.
David
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