When to Freak Out About a Chart and When Not To
Mark asked me on air yesterday what levels I'm watching. Everybody asks that. What's your number, where's support, what's the line. And I get it, because a number feels like a plan. But I don't really look at levels, and I told him that on live TV. I look at where we are in the chart. Not what price we're at, where we are. That's the difference between a trader who panics every time the market dips and a trader who knows which dips matter. There's one question I ask about any chart before I decide whether to worry, and it isn't a price. It's the reason I didn't panic on Monday and the reason I'm not chasing this week, and once you have it, you stop freaking out on the days you shouldn't and start paying attention on the days you should. Here's the question. Where is price sitting