Market Manifesto

We know that the mar­ket is almost always in a con­ges­tion of one sort or anoth­er, and that it is almost nev­er in a pure trend. Or so that is the con­ven­tion­al wis­dom. We say that between 80 and 90 per­cent of the time the mar­ket is in con­ges­tion.

But we should remem­ber that we must always look at var­i­ous time­frames. One type of trad­ing in one time­frame does not mean that the same type is oper­a­tive in anoth­er time­frame – not even close.