TRADING RULE #1: Anything Can Happen
This is the number one rule. I keep reminding myself, yet I keep forgetting. Today the NQ opens lower and then proceeds to wave sideways to slightly higher throughout the day. I note that following a new low put in at around 11:10 am a series of slightly higher highs and higher lows proceeds, which defines an uptrend, but it is more sideways than up. A push to 2088.25 occurs at 3:25 and then the last 1/2 hour is straight down. Here is where I dropped the ball. Did not identify critical support zones that would have changed trend. Did not note that on the longterm chart price had touched a very longterm trendline and bounced off of it. So, new lows made... from highs to new lows in 30 minutes and a crap day stayed crappy. Stay alert, stay tuned in to support, resistance and identify the trend and remember..... anything can happen!
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