Breakout, 19 May 2023
🖼 Daily Technical Picture 📈
"The market has broken out,
So has my trading drought,
We are back in the action,
Will we profit? That is the question."
➤ The colour theme of today's chart background is fire 🔥 because it looks like the equity market is red hot. Is the Bear market over? It's certainly pointing that way. 👆
➤ To be frank, I'm not a big fan of breakout trades. It probably worked very well during those times before I was born but these days there are more fakeouts. Price may either completely reverse or sometimes retrace the break. Both actions can result in an exit for a loss.
➤ If I lose, I guess I can always quit trading and make money through rhymes...Oh wait there's CHATGPT.
➤ I'm long with a large position
➤ Conclusion: 🐆 MrStocky the Sometime Trader, Rhymer of Words, King of Patience, Protector of Profit (but not yet the King of Copytrading)
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
"The market has broken out,
So has my trading drought,
We are back in the action,
Will we profit? That is the question."
➤ The colour theme of today's chart background is fire 🔥 because it looks like the equity market is red hot. Is the Bear market over? It's certainly pointing that way. 👆
➤ To be frank, I'm not a big fan of breakout trades. It probably worked very well during those times before I was born but these days there are more fakeouts. Price may either completely reverse or sometimes retrace the break. Both actions can result in an exit for a loss.
➤ If I lose, I guess I can always quit trading and make money through rhymes...Oh wait there's CHATGPT.
➤ I'm long with a large position
➤ Conclusion: 🐆 MrStocky the Sometime Trader, Rhymer of Words, King of Patience, Protector of Profit (but not yet the King of Copytrading)
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
🏆 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
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.