Week of May 22
Are we breaking out?
Recap of last weeks action:
I was wrong last week.
I was expecting a bit of a retrace in the latter half of the week. Instead we got a short squeeze. Although the reason why I was wrong, was because of tape bomb. A black swan - or white swan type event which no one can predict. Here is what caused the squeeze in question.
Can’t predict or plan for headlines like that. So in all honesty, very pleased and content with my trades last week. I followed my process, executed my trades, and the unexpected happened. That’s life, that’s trading. That’s why risk management and position sizing is so important. You can’t plan for the unexpected or the unknown. We have an unrealized loss on our put positions, now what. Fold your hand or double down?
Next move for markets?
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