Chapter 16
A Quick Check of the Week’s Action
IN THIS CHAPTER
Counting up, down, inside, and outside days
Responding to one-off weird days
Tracking option expiration days and Fed meetings
Looking at breaks of support on indexes
Sometimes we study the individual charts so closely that we fail to see the big picture and get caught wrapped up in the day to day. Sometimes you need to step back and take a weekly look so you don’t risk selling your winning trades just before another breakout. The news media commentary won’t affect your perspective as much when you step back and periodically take a longer view.
In this chapter, we describe a few handy tasks for taking stock of weekly action in the market (no pun intended!): counting up versus down days, responding to unusual price action, keeping track of certain key events, and noting a break of support on indexes.
Counting the Days
It is not uncommon for one day a week to be down and the rest of the week to be up. Commonly, Monday can be a down day, which taints the opinion of the week. One suggestion you may hear is to try to avoid ...
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