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Sunday October 30, 2022 Weekly Market Rundown with Responsible Day Trading

Oct 31, 2022

Hey there Responsible Traders!  We had a very successful week in London with the crew last week!  It was so wonderful to hang with all of the team and see everyone face to face.  While I am happy to be home, I roll out again next week, so it’s only for a short period of time.

So, on to the market! 

We had a nice little gap down that was looking like we were going to attempt to close it as the market was showing a bit of signs of struggle for the continuation down.  We have some pretty strong areas in our bigger charts that might hold up the party to the downside but we will have to wait to reach back out to them again to see what the MACDs have in store for those places.

Most of what we do here is reading patterns and determining if areas are anticipated to hold or break.  This is done by reading the price action and the MACD reaction when we reach areas.  If we anticipate it to hold, it becomes a good area to exit a current trade or enter, using the bounce, in the opposite direction.  If we anticipate it to break, it’s  a great area to continue with a trade if you’re already in it (possibly moving your stop behind the area) or an area to be patient if you’re waiting for a particular set-up. 

Either way, always being aware of strength and momentum as we come into areas of support and resistance can be the determining factor in what next move you need to make.  Being responsible in your decisions and paying attention to what the market is telling you will make all the difference in what kind of trader you become.

That is going to wrap it up this week my friends.  Don’t forget that we have FOMC this week and you will want to pay attention to that.  I do wish you the most amazing of weeks!  Much love and we’ll catch you around soon!

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