Thursday, June 13, 2013

The Daily Note - $DJIA $SPX $NDX Outbreak, Breakdown, Test, Consensus

*****Each level we reach, each one we test and each consensus signal is significant in trading as it is in life. We tend to look at outbreaks as individual achievements. Usually not many traders or people follow there until after a bit of dust has settled. Or as I say confirmed as not a false breakout. Not everyone is cut out to reach for the stars or highs so only those who have the notion to try and the stamina to try again will succeed at those lofty level.

Additionally when we do take a chance we like to think to equip ourselves for the inevitable failure. In other words we are much harder on ourselves in trading and in life when we fail and subsequently may wish to just be adrift at sea because it's when those failures break when we punish ourselves.

Those who tend to watch at these levels are not insignificant because they are the cautious ones. They are the ones that tend to wait for assurance that their outlook will come to  fruition and they look for confirmation before action. Once they are into the trade consensus is reached and the direction is more assured.

Therefore looking for direction it may be wise to consider all points on a compass and expect only change.

Realization by Winds on Grooveshark

Happy Trading, Living and Dancing

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