4th December – Sometimes the best trade is not to trade
I got home and the markets were choppy. The stochastics and MACD indicators in the 5 min and 15 min charts didnt correspond.
The only entry I could have made was a short around 147000 when the market failed to go higher from here. This was a resistance level set previously today and was what is called a peek top trade. This corresponded also with a cross in the stochastics in the 5 min. However, due to the nature of the markets today, I didn’t take it.
It’s always best to conserve capital… if you’re not sure about a trade, then best to keep out of the markets and conserve capital. There are opportunities every day!
15 min chart
5 min chart
It can be difficult to stay out and difficult to remember that there will always be another opportunity.
Good job.
AT