The news-driven volatility is affecting our trading system in two problematic ways: First, trends are being reversed before any identifiable price movement can follow-through with enough momentum to trigger low risk high reward trading signals. We can't enter trends with no follow through, because without follow through there is no trend. Secondly, existing trades are getting whipsawed before reaching minimal profit taking returns. We have seen this before, almost always the result of headlines that spook and panic institutional trading. The good news is that these periods eventually give way to more tradable market environments in which our pattern trading set-ups become more reliable. My best advice: Hang in there until conditions warrant taking on new trades.
GBTC touched $11.00 today and has backed off to $10 in the past two hours. The next turn back up should generate a new add-on opportunity, probably from under $10 in the next few days. It shouldn't drop below $7.00, so move the stop up to $6.50.
QQQ - Still looks lower, even if just a retracement of YTD rally