timsk
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Hi bchung3000,
Tim.
Fair enough. I got the (mistaken?) impression from your previous post that you relied upon rumour (i.e. other people's opinions) about market direction. If it's arrived at by your own alalysis - then that's an entirely different kettle of fish.actually to be honest i am trying to roughly gauge where it is going to, not the exact point of course, to help me be biased which side i should trade with more caution and which i should trade heavier.
IMO = In My OpinionWhat is IMO by the way?
As a general rule of thumb, I think it's a good plan to gauge the general direction of the market and go with it, especially for inexperienced traders. However, it really depends on your trading style. It's entirely possible to trade predominantly to the short side in a bull market and vice versa.Of course we would hope that pattern would complete to gain our confidence in where it is heading to, if it doesnt complete then too bad i'll not be trading it.
Anyway i am more of a day trader instead of longer term trader, therefore knowing whichever direction has higher odds gives me confidence for farther targets.
i still buy the market if my setup hits even if it's likely to fall yet i would not place heavy trades and set huge target.
we always follow the big picture arent we? like if you are day trading you will llook at daily chart, end of day trading you will look at weekly chart and so on.
Tim.