I have no idea when this uptrend will end. All I know is I will observe and update my stops when required, and add new positions as and when my scans indicate. I will know when to stop buying and start shorting when the market trend reverses. A one or two day drop (even a sharp, painful one) does not necessarily mean a reversal of a trend, in my chosen timeframe.
Those professing that the market is overbought and due for a reversal, whether by looking at Elliot Waves, fundamentals, the economy, tea leaves or any other method have been stuck in front of a runaway train since April this year. I have tried in the past to try and pick a top or bottom and have failed - miserably. It is far easier (and profitable) for me to be shown by looking at the one indicator that never gives a false signal - price.
Well said. Emotions make us think we need to change our strategy and really we need to change our emotions and stick to the strategy.
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