This channel continues to hold up amazingly well. Check it out for yourself. I posted it on Twitter this morning before the price rejection ever took hold.
Declining channel on $SPY to watch pic.twitter.com/AcqWivwWQN
— Ryan Mallory (@SharePlanner) July 3, 2017
But it iw worth recognizing the fact that SPY has three – count them, THREE! lower highs on the 30 minute chart that cannot go unnoticed at this point.
And the Nasdaq signaled such a move off of the channel when it continued to sell-off despite teh Dow reaching new all time highs.
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Emotional trading will destroy one’s portfolio. Aiming to hit home runs with every trade is a sure sign that the trader is overly emotional and only cares about fast money. In this podcast episode Ryan explains how chasing after stocks like MicroStrategy (MSTR) without a plan for managing the risk can ultimately ruin a trader’s attempt at being a successful swing-trader.
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