Breakout, 19 May 2023

🖼 Daily Technical Picture 📈

"The market has broken out,
So has my trading drought,
We are back in the action,
Will we profit? That is the question."

➤ The colour theme of today's chart background is fire 🔥 because it looks like the equity market is red hot. Is the Bear market over? It's certainly pointing that way. 👆

➤ To be frank, I'm not a big fan of breakout trades. It probably worked very well during those times before I was born but these days there are more fakeouts. Price may either completely reverse or sometimes retrace the break. Both actions can result in an exit for a loss.

➤ If I lose, I guess I can always quit trading and make money through rhymes...Oh wait there's CHATGPT.

➤ I'm long with a large position

➤ Conclusion: 🐆 MrStocky the Sometime Trader, Rhymer of Words, King of Patience, Protector of Profit (but not yet the King of Copytrading)

EQUITY TREND:

⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN