-------------------------- The only signal you need. Price currently filling all the inefficiency created during the quick drop from 2.8. Those that missed the bottom will continue to short while price goes higher and once they switch from shorting to buying the top thats when price will dump again.
With a near 10% dump from the resistance i've marked out, we've cleared most of the late longs who tried to buy the breakout.Take all their stop losses and continue the uptrend. But i will not buy here at the range high as my entry is way lower. I will plan my next trading setup when the charts shows me more data. And do take note, not all resistance is for shorting and vice versa. It can also be a take profit level.
The chart is very straightforward. We just had a massive downtrend and this is not where you become bearish (though there is still room for dump) . Try to Identify high probability support levels and participate with logical risk management, Even scalps can turn into swing trades. TBH, there is is no guarantee that price will bounce to where it was before, so i will trade from level to level.
@YourQuirkyWays29, 1.83 was near the range high, will only be interested to take profit. Key support level 1.605 to maintain bullish case for short term. Losing this level will expect price to retest bottom of the range (1.50) and if we lose that as well, even lower prices. Easy game plan
You might be right but until then resistance will be resistance until proven otherwise and vice versa. Such volatility is exactly what traders need to make money, retails who try to catch the top or bottom usually get chopped up.
@YourQuirkyWays29. I'm prepared for price to pump and already have plans in placed if it happens but the question is, are you prepared for price to dump further? ( another 50% from here is still possible). No issue having bias for your favourite stocks but i don't buy at random levels and hope it to pump 100x from my entry. I'm neutral and trade what the charts give me, not what i hope it to be. (Look at my levels, called 1.50 when everyone is super bearish and we got a bounce up to 1.80).
Do i know its the best place to bounce? No, but i know it's a high probability area to reverse. And what if I'm wrong? its fine, i have my risk calculated and will wait for the next level to trade.
Trading is never easy if you are doing the institution way, most "TA peeps" lose money because they don't know what they are doing ( gamblers) and BTW If you refer TA to ( MACD, RSI,EMA and some H&S pattern) , these are indicators to get retails rekt.
Most retails will say it's going to go up someday in the next bull-run, just keep DCA. " Im a long term investor". " Don't buy if you do not trust the management and business", " If that's you, you're probably one of those who keep catching the knife and where does that bring you to? What if the price does not bounce back?
You are buying just because of 'HOPE'. That definitely sounds more like gambling to me and probability is not on your side.
Sadly you won't be able to see MM entering big shorts either ( while most retails won't notice but TTV would have noticed if MM enter shorts using market order). Like i mentioned, don't focus on shorts, look for buyers instead. They will show you the way.