as mentioned early last week, i lightened up on some of my short positions as some of my initial targets (QQQ & GDX) were hit and i’m still waiting to see if the markets either turn back down and resume the near-term downtrend or if the recent move down to those support levels was just a long overdue pullback in a larger uptrend that has more room to run. one could make a case either way and although my bias remains to the downside, a break above the recent highs is not too far away and would obviously be bullish from a technical standpoint.
therefore, i will continue to keep things light until the market either breaks out to new highs (preferably, all major indexes) or breaks below the recent lows (ditto) before aggressively positioning one way or the other. the longer i trade, the better i get at knowing when to trade actively and when to sit on my hands or keep things light. as such, i plan to spend some time culling out the trade ideas on the site over the next day so. although most of the trade set-ups and active trades are still intact, i plan to remove those set-ups or active trades that might have stalled out a bit or don’t offer a very attractive R/R profile at this point. for example, many of the active trades have already hit their first or second target and still have an additional target listed but those stocks might have a mixed technical picture or have pulled back below the last target. my goal is to replace these trades with new set-ups offering a better R/R profile and keep the trade ideas at a manageable level..
as always, if you are in an active trade that i remove from the site that has not triggered a suggested stop or still has additional targets to be met, feel free to use the contact link to send me a message and i’ll be glad to post or e-mail an updated chart with my thoughts.