More.... Also, Tim, some folks focus too much on intraday action of the markets to draw long term conclusions.
The periodic times I do read other threads on SI, I see folks making longer term calls based on nothing more than a candle changing colors on a 5 min chart. They make longer term predictions and when it goes their way for an hour or so, they "high-five" their forecast, pat each other on the back, say "good call", etc, yet a few hours later or at the close, or the next day, it's back where it was before. Nothing changed overall. They are not day traders yet they make longer term investment decisions based on short time frame data and a mere "wiggle" movement.
I'll go back to something I said a long long time ago, and that is, if one is not a day trader, then don't watch that screen all day. It will pollute your decision making, partly for the reasons I said in my prior post. Set your stops. Watch the trend, especially the channels. Keep up with a broader outlook. Then go fishing.... or to the hammock (weather permitting) to ponder wealth accumulation.
RR |
