Week of August 21
Recap of last weeks action:
Started off the week amazing last week with my bullish bias call. We rallied about 30 points from Friday into the Monday NY session. That was a solid winner and we took no heat on that trade.
Later on in the week we tried the 50MA dip buy, and took a loss on that one.. I was expecting a bounce at such a strong support but we didn’t get it. Reflecting on the trade, I have no regrets. You take your shots where the probability is in your favour, if it works that’s great. If it doesn’t, that’s also cool. What you dont do is second guess everything after a loss and reinvent the wheel and start tilting. We shot our shot when we had a good look and we will do so again this week.
I was very cognizant of the strong downtrend we were in and sized down on my knife catch. This was a wise move. Now that OPEX has came and went, we are looking at Jackson Hole as the main event and NVDA earnings as the appetizer. Huge week upcoming in an otherwise slow summer churn.
Next move for markets?