Price bounced from daily support and trendline, go long when market opens and spreads are low. Thanks!
Comentarios
Melchizedek
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Hmmmm.... I cannot seem to get the same trend-line as you got, either including candle tails or not including them. Also, just a little bit longer time frame shows a different picture. I'm not saying you're wrong, just offering another perspective. It seems the Price Action is at the middle of the trend channel than at the bottom of the shorter one. Anyway; Good Luck on the Opening Long!
Melchizedek
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@Melchizedek, A closeup of the DAILY chart does show a tendency towards a breakout of the downward (dashed blue lines) channel within the larger trend... (see pink dashed lines). Time will tell...
Melchizedek
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@Melchizedek, For more detail, at a lower time-frame, notice it IS violating the down-channel, ever so slightly, but still dropping to ride right on it! Will it stay with the Horizontal Flag that has formed cross-channel, will it breakout UP, or will it continue Down witha repeat of the previous flagpole? We shall see! Good Luck ALL!
UnknownUnicorn495124
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@Melchizedek, Hi Mel, yes i agree that i did not plot the trendline using the most bottom candle tails like what u did in your analysis, it is quite rare of me doing this, but i have seen before markets reacting to such trendlines without respecting candle tails. You can be right that the market has more room to go short, but i feel it needs some minor retracement after rejecting a strong daily/weekly support line. I can be wrong too, haha! I already in my long position last friday. I shall see next week whether i should hold or cut loss. Thanks for sharing and good luck to you too! :)
Melchizedek
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@dimaspips, I appreciate all your input, very much! I just had a difficult time understanding this one. Thanks for straightening that out, and good luck on your long!
UnknownUnicorn495124
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@Melchizedek, hey man thanks and good luck on yours too! to be honest, it is a tough call for me. some traders wants to continue go short while some wants to go long, that is why we see a consolidation in that small area on the daily chart, haha. but whatever it is we need to be ready to face the possiblity of both outcomes. :)
Melchizedek
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@dimaspips, Speaking personally; my wife always prefer me to be LONG rather than SHORT! Heh heh heh...
BUT: I can do it both ways, and she really enjoys when I pull-off my SHORTS too!
Uhhhh; you are over 18 years old aren't you? (no offense intended, just a crazy sense of humor when I've been awake too long)
UnknownUnicorn495124
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@Melchizedek, hahaha! how cool is that to have a wife that trades with you, ah i understand the part when 'u pull off your shorts' hehe! yes! im 24 this year still single, no worries man. ;)