Rule #1: Don’t look at weekly candles until the end of the week.
But it’s hard to ignore the buying we’ve seen since Monday night…
While it’s important not to analyze (or even look) at incomplete candlesticks, there is nothing wrong with recognizing strength throughout a given period, in this case a week’s time. We take each data point as it comes in within the context of all the other data points that have either come in or are coming in.
I put this short clip on twitter after a midday workout:
Rule #1 don’t look at weekly candles until the end of the week!
— J.C. Parets (@allstarcharts) August 8, 2019
Listen to me very carefully. Or read it for that matter. DO NOT LOOK AT WEEKLY CANDLES BEFORE THEY ARE COMPLETE. The same can be said for daily’s and monthly’s too or your time frame of your choice. Let the candles show their true colors before you judge them (see what I did there?).
This is a lesson I had to learn the hard way. The really hard way getting beat up over the head again and again and again. Trust me. Please. Just take my word for it. Don’t do it.
Think it about? Fine. We’re human. Imagine the possibilities of that Saturday morning chart session? Sure. But to act on it or judge it prior to its completion is irresponsible.
This is just my opinion based on nothing but bad experiences. I hope this helps someone.