Here's a chart since the all time high of April 13th this year.
This shows a clear downtrend over two and a half months. Make of this chart what you will. It's taken 3 years to realise I'm a short term trader so it makes no difference to me if we're 1000 points higher or lower but for all you swing traders and longer timeframe traders the market has been revealing it's next move for some time.
If you take a position and hold for months or years this may well be a 'buy the dip' opportunity even though there may be better entry points below.
Personally its taken 3 years to get myself into a position where I'm comfortable just watching the market move and waiting for an opportunity to pinch a precious few points.
For me it's all about the points.
If for the last two months my stake was as high as when I lost big money I would have made my 3 years losses back in two months. That's how important points are and how fine the line is between total despair and fulfilling one's wildest most ambitious dreams. The potential is life changing as I've always thought and written of throughout my blog.
I will always be learning but there comes a time when one has to realise they have a sound enough knowledge base with which to push on.
I have reached base camp and continue to push on with total respect for the markets and a short, medium and long term plan that I will share with you in my next post.
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