The emerging markets ETF is a good, quick example of how open-minded you have to be in the market sometimes. Note the tight channel, as price had come to a head (light blue lines) along the 50-day moving average. It could have been a huge move higher, and still might be. But you cannot get married to that thesis when you have a day like today, with a nasty bearish marubozu on its way to being printed.
In overall strong markets, it is not fun having to take 3-5% losses here and there on longs. However, that is part of risk management, as is remaining flexible even when a chart pattern looks inevitable.
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