Price has ran Tuesday's low taking sellstops, and has traded into that +OB. Equal highs above us remain from this week.
Ideally we should see a good reaction from the +OB, otherwise $2.11 is the next downside target to add to your position if you are TCA (dollar cost averaging).
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No reaction... expect lower prices as mentioned above.
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After-hours trading is showing good reaction. I will consider our MSS here, and assume price will continue back up to the equal highs at around $2.45 - at that point we will have a Break in Market Structure (BMS)
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Great movement on BITF this week - What we were expecting:
Buystops above $2.45 were tagged, finally giving us that BMS (break in market structure).
Thursday (today) I believe is the high of the week. No further expectations for Friday. We will expect higher prices continue next week.
We did get price trading into the $2.11 as mentioned. If you added or your limit was hit, happy days.
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Since the last update I gave, we saw price run those Equal lows and finally run that old low of $2.10. The reaction from there was good - but we saw price once again run that $2.10 again this week. Higher prices now? Looks like it...
Trade closed: stop reached
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At this time id expect a run to the $1.90 Low. Close your position early if you dont want your Stoploss hit - otherwise DCA at or below the $1.90 Low.
why even have a stop loss if you are willing to take a 60% loss. If it dropped to 1 it would be more likely it would start consolidate to find its footing and move up from there. It's better to recognize a loss earlier and adjust your plan to get a better entry or another stock. As you Illustrated on the chart it would make more sense to say " I'll go long if it rejects 1.90 and stop loss if it breaks 1.68" then you have a defined simple plan, instead of a coin toss.
WolfAdams
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@lil_Buuck, @lil_Buuck, Clearly you don't understand risk management. Rule 1, always have an exit/SL. Now if you are trading 100% of your capital this will result in a 60% loss. However, thats bad money management. Use the parameters as you wish. There's no coin toss here 😂
If it dropped to 1 it would be more likely it would start consolidate to find its footing and move up from there. It's better to recognize a loss earlier and adjust your plan to get a better entry or another stock. As you Illustrated on the chart it would make more sense to say " I'll go long if it rejects 1.90 and stop loss if it breaks 1.68" then you have a defined simple plan, instead of a coin toss.