Gold, (analyzed here using the ETF:GLD) is teasing me here as it smoothly rallies. While I am bullish on gold, there remains some undigested bearish energy that I believe will cause one more retest before the true bottom is in.
That’s where the odds are, but there is always a chance that this WAS the V bottom and that it will run away without me.
That’s perfectly ok with me. I have plenty of opportunity flow out there, and only my ego will take a hit if I miss this bottom in gold.
FOMO or the “Fear Of Missing Out” is a killer for traders and investors. It provokes many emotional entries that are sloppy and pay off poorly. I have been the “greater fool” too many times in my early years to get suckered by this kind of low quality bottoming process.
I can stand by and wait for “my shot” to clear up and give me the kind of odds for success that I demand. Watching and waiting is STILL the posture for me at this time.