The bulls are riding the fence here and attempting to come off of it today.
The past week the market has been forming those indecisive doji candles, but never once did it close below the 5-day moving average.
Had SPX been able to push below 2030, I might have started one short position as a hedge against my existing long positions. But while the market bends it doesn’t seem willing to break. As a result, I still have to pocket this list of bearish setups until the market deems it the right time to start shorting stocks again.
Here’s the bearish list of trade setups:
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Refusing to take a loss when the trade has turned, and the reason for getting into the trade in the first place is no longer valid, is one of the biggest problems traders face. In this video, Ryan Mallory discusses the pitfalls that comes with refusing to take the loss and instead opting to become a bagholder on one's trades.
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