I’ve been really working on NOT averaging down on trades anymore. It used to be a bad habit.
QID hasn’t made a higher-high candle until today. I used to be impatient, and start buying the pullbacks like this. Then I’d continue to average down.
Telling the market where it’s supposed to reverse is a foolish way to trade. The trend can last longer than you think.
You could have bought that higher-high candle today on QID, but my guess is that it’s still too early. Notice how the price barely created that higher-high, and then fell right back down. I rebought TNA today because of that TZA fallback. I can see the Russell 2000 running up against 20dma resistance here, but the market is still rewarding dip buyers. It’s also rewarding overnight holders. IYR didn’t do much for me today… We’ll see if this market has enough bullish power to get up to 1100 before 1072.
