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| PSEI 5 year weekly chart by www.Bigcharts.Marketwatch.com |
The Philippine stock exchange index (PSEi) seems to be displaying a corrective wave in its downtrend. I will still remain cautious and will not enter in any position. Although some bounce plays are possible in this scenario, it is something that I don't intend to take anymore. I am in the opinion that the downtrend is still intact and the possibility of downward continuation is highly possible.
I'm still sticking to my plan of not trading a generally bearish market. I am willing to wait for the market to tell me when it's time to go back again. There is no rush to make money in my part; I consider trading as a long game and I'm planning to stick around as long as I can. I believe the key to longevity and winning in this game is risk management.
I will be just watching the market until my signal tells me it's time to take some position. I might even end the year without entering any position. I'm sticking to my guns.
