Feeling the Gap, 20th Sep 2022
🖼 Daily Technical Picture 📈
📉 GAPs are unfashionable and it tends to get closed. Well, that gap has almost closed and I'm not FEELING great!
➤ Big reversal in markets as equities bounced after once again gapping lower at open. Price is heading back to the support level (that should be re-labeled as resistance).
➤ I had strong convictions that the gap will be filled. Despite that, I quit my long positions at a loss. This was to protect capital as I saw the possibility of a binary outcome: either VIX would explode higher or collapse lower. I don't like binary outcomes despite being only 40% wrong most of the time!
➤ As a result, I'll be watching from the sidelines until after the Fed rate decision on Wednesday. I'll get over the loss by then.
➤ My exposure is currently 0% with no positions. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Looking forward to the next profitable trade opportunity and learning from another loss.
📉 GAPs are unfashionable and it tends to get closed. Well, that gap has almost closed and I'm not FEELING great!
➤ Big reversal in markets as equities bounced after once again gapping lower at open. Price is heading back to the support level (that should be re-labeled as resistance).
➤ I had strong convictions that the gap will be filled. Despite that, I quit my long positions at a loss. This was to protect capital as I saw the possibility of a binary outcome: either VIX would explode higher or collapse lower. I don't like binary outcomes despite being only 40% wrong most of the time!
➤ As a result, I'll be watching from the sidelines until after the Fed rate decision on Wednesday. I'll get over the loss by then.
➤ My exposure is currently 0% with no positions. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Looking forward to the next profitable trade opportunity and learning from another loss.
🏆 eToro Popular Investor 💰
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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