Monday, June 04, 2012
Be right and sit tight
The price action the over the last week or so has been typical of that of a downtrend - somewhat increased volatility, and strong openings in the general market falling away during the course of the trading day. To top if off, the disappointing NFP data in the US ensured that last Friday was another good day for those with a short bias in the market (i.e. trend followers). As I have said in more than one occasion, "..Some of my most profitable days have been when I have done... absolutely nothing". In a developing trend such as this, all you need to do is to monitor your positions, adjust your trailing stops per your system rules, and switch off the PC.