“Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch its prey. It may hide in the bush for a week, waiting for just the right moment. It will wait for a baby antelope, and not just any baby antelope, but preferable one that is also sick or lame. Only then, when there is no chance it can lose its prey, does it attack. That to me, is the epitome of professional trading.” – Mark Weinstein
As discussed in our latest weekly outlook video and yesterday’s blog post we are in wait and see mode. We can’t stress this enough > remember that it’s also month-end / quarter-end so what really matters is how we settle into the end of the week.
It’s always hard to be patient and not read too much into action pre these kind of events but it’s key to avoid getting chopped up and not having any power dry for when it’s really needed.
Remember to take a step back and look at the bigger picture and how price reacts at key levels / inflection points. It is very easy to get stuck in your own views and not see what is really happening. Price tends to do a really good job at telling us what is happening and we have to be ready to internalize price action and act accordingly without hesitation and bias.
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Wishing you a great day ahead.