"Old skool trading rule"

Hey traders how are you today?
A reallyyyy sloowww day today in the markets, but we all already knew that was going to be the case
$DJI ( ▼ 0.51% )  
$SPY ( ▼ 0.36% )  
$QQQ ( ▼ 0.48% )  
$IWM ( ▼ 0.61% )  

Some times in trading, just as in life, it’s not what we do, but what we don’t do that can save us
Think that’s not the case?
Try waking up one morning and drinking 20 beers then go to work
Or go to the zoo and jump into the lions den
Personally I don’t suggest that you try and hope that you don’t ever do either of those
But should you decide and think that nothing could go wrong, lets us know how it works out 🙃 🙂 🙃 

$SLV ( ▼ 7.19% ) has been on a tear as of late
We here at theoptionscoach.net only mentioned it twice during that time
This is stock / options trading, not Pokemon, we can’t “capture em all”
We don’t chase stocks, we absolutely do not chase stocks
Years ago I stole a few minutes one on one with a well known trader at a trading event
As I shared my dilemma at that time he encouraged me to take the names off of the charts and to look at the price action only and nothing else for one month
No names on the chart, no news stories, no indicators, nothing else but price
I did so, and that one month changed my trading life

With Options we do have an advantage with our entries over stock investors
The reason is our stops our defined exactly and we can adjust them if we need / want to

There’s a chart pattern known as “The Eiffel Tower”
Straight up, straight down
Even if not all the way down, big drops
SLV may recover, it could, but today it got hit hard at what looks to be the top for now
It created it’s own reversal pattern called an “Abandoned Baby”
One gap on the left side / one gap on the right side
The stock then drops or pops
It’s used in recognizing reversals
That my trader friends is a “Old Skool Trading Rule 101”
Don’t Chase
That Eiffel Tower pattern is what I kept seeing building up, and that’s why I chose to pass

Volume this week is going to be light
And new entries would have to be impressive for sure
But that doesn’t mean we can’t check in
We’re all friends here

The Options Coach