The Scum of 2011
- Posted by admin
- on January 5th, 2012
A scum is a move below a very watched area that gets bears excited and then immediate reversal, thus hurting both bears who just got in, and bulls who just got stopped. The most infamous case of this in 2011 was the BAC 5. We almost miss the $BAC quotes on our stream. Up 27% since the 5 break/reversal (and approaching 100sma and daily resistance, we’d certainly be sellers here if we were long/ for short time-frame traders).
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- Keep swimming but with an eye on the shore
- Make peace with not catching every move
- 21 days and counting
- Trade against it
- What’s your edge?
- Wait for it
- Keep Calm and Carry On
- Even if you don’t trade it, you have to watch it
- This is where we would buy AAPL
- No matter what your time-frame, be patient enough to trade against an edge