Novice trying to learn a little more on retracement strategies. I'm liking this RSI (14, close) indicator.
Took a nice (small) gain at the $8,301 placement but in a hesitant mod about the next trend. Most traders here seem to be going short and I feel we will break through the $8k mark (due to a little panic), maybe shooting down to $7,900 before a pull back to $8,290.
Trading here feels like gambling so I'll only buy in deep and leave this to the pros.
Took a nice (small) gain at the $8,301 placement but in a hesitant mod about the next trend. Most traders here seem to be going short and I feel we will break through the $8k mark (due to a little panic), maybe shooting down to $7,900 before a pull back to $8,290.
Trading here feels like gambling so I'll only buy in deep and leave this to the pros.
Comment:
Well, $8,300 held (and left me in it's wake). I had noticed the pick up in volume (highlighted on the green bars and more noticeable at the 15 minute time frame) but I expected $8,300 to break and decided I would only try trade downward retracements below this line as I would probably be roasted by the market and didn't need the stress of it today.
Looking back at many of the pumps over the last 3 months, the 'Market Maker' pulls investment once the run looks dead in the water and the declining price breaks 110 points above the high of the first hourly candle (if that makes sense?!) - resulting in a steep drop. If we break $8,300 it will be interesting to see how deep the drop is and whether this trend occurs. This would mean a quick correction today to $7,465.