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With the chaos of last week behind us, we look ahead to another week. Markets rallied hard Friday afternoon, and the first thing swing traders will do is look for confirmation of that move or a breakdown below last week’s lows. The market had multiple intraday reversals last week, so caution is warranted before entering any new trades.
Three things experienced traders will do this week:
1.Wait for confirmation on every move
2. Reducing position size and/or cutting losing trades even tighter than usual.
3. Not feeling like they have to watch every second of the price action.