I was answering and chatting in the SMMG club yesterday afternoon. While the Dow futures was up yesterday afternoon, I knew by looking at the daily chart, the day before yesterday 18/12/2012, I identified a fake breakout like what I shared in my previews. Those who came for my previews, you should have seen the slide where I showed the fake breakout / fake breakdown bar.
So yesterday, I made a call to the SMMG club that Dow would react last night. Why? Because I saw too much buying and public participation that contributed to this reaction. I don't watch the befuddled news nor I listen to gossips, but I performed future projection, straightforward simple analysis based on the chart itself. So are fake breakouts important to identify? If you are a trader/investor, then you better learn how to identify and know when to unload because you would want to protect your profits and avoid being slaughtered.
The SMMG club is definitely a privilege club to be in because we speculate things before it happened which always give us an extra edge! For those who are interested to join the club, you can email me.
Ronald K - Market Psychologist - The Big Speculator
