In my opinion, the reason people have been so bearish towards stocks and fighting strong trends is because they’re allowing other biases influence their decision making. Whether they don’t agree with the Fed, or the Trump, the direction of the Economy, or whatever it is, they’re choosing to give more weight to these “opinions” than they do to price itself.
Fortunately for us, we’re 100% data driven. So we don’t care who the president is. We ignore everything the fed says and does. We assume anything a journalists creates is gossip, whether it is or isn’t. And we certainly don’t have time to care what the economy is doing.
So because we are so trained to focus on actual data, it’s a lot easier for us to ignore those whose job it is to distract us. It’s not “easy”, but it’s definitely easier for us as technicians than it is for most of society. The fact is most people are unaware, or choose not to care, that they’re consuming content produced by those with ulterior motives. They’re just here to sell ads to their sponsors while we’re only trying to make money in the market. It’s a big difference, and it becomes a problem.
So what we do is try to eliminate those biases and remove them from our decision making process entirely. I asked this question on Twitter this week and purposely took out the x and y axis so that we can focus on just price alone: