In many (if not most) cases, I won't really know the answer until after the fact. Which leads me to come up with a few thoughts re the past two weeks (in no particular order):
(a) It's often smarter to trade after the fact. My initial foray into CAF/FXI (and to a lesser degree, EEM) was driven by the 11/10 open of the Shanghai-HK Connect. I booked a paper gain of 2+% on CAF, but elected to hold well after 'reaction to the news' made it clear it was a 'sell.' I allowed (my errant) conviction to overrule discipline.
(b) The chase. With few exceptions, I won't chase prices. Gaps up and parabolic rises are fueled by emotional extremes (generally panic on the part of shorts). Friday's open was the latest instance. It's certainly possible we see further panic on Monday, but opening on a retrace/retest is the lower risk entry. My 'shorts' on Emerging Markets/US indexes (via EEV/HDGE) are a short term bet on lower prices in both on Monday. They are also high risk bets, and I'm appropriately sized down.
(c) The next trade. With respect to foreign markets, what is the next trade? In my opinion, announcements from China (via the PBoC) and Europe (via the ECB) are extremely bullish. Not because they signal economic strength, but because they undergird risk sentiment. And it's sentiment (and not economic reality) that drives the market. Traders who opened positions on Friday will likely be tested. I'll be looking to reopen positions in Europe and/or Emerging Markets on any weakness. No test, no trade.