Keeeeeeep coming down baby!!
Now you probably arent saying that if you are a "hodler" (whatever that means).
The lower the better. High volume reaction did come off of that previous support. Enough to slow down the down move. They are in BUYING mode though...
Trying to reverse a trend is like trying to turn a cruise ship.
What is VERY important to learn early as i wish I had, is to understand the concept that the trend price is in NOW is a result of the trend prior. Imagine the trend the asset is in now as a move that is being played out... The very worst thing you can do if you dont understand supply/demand, is to open your chart and just enter.
You might have heard of the "sniper" metaphor some youtube traders and companies use. Each one of these entities have their own systems/methods. However, its not a secret that S/R and FIBs serve are very valuable/valid targets and will serve you well if you understand how and when to use them... and its actually easy. The retail traders worst enemy is lack of patience. For example, the moves made in the chart (to the left) looks very easy and predictable.. but its the past.
If you want to master your system , you need to be able to project your targets and like a -sniper- patiently wait for price to arrive in the crosshairs. When price reaches your targets, you are expecting to see very specific criteria. If that criteria is not met then you adjust your risk/stops accordingly.Your comfort level and risk can only get dialed in through demo trading trial and error. I am not in the camp that suggest that you NEED to lose money in order to experience the emotional impact. I don't agree. I think trading/chart analysis is a trainable, learnable and improvable skill set.
Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA/ Master the Markets
Pete Faders VSA*
Read the ticker dot com
Wyckoff analytics
Dee Nixon
Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)
Now you probably arent saying that if you are a "hodler" (whatever that means).
The lower the better. High volume reaction did come off of that previous support. Enough to slow down the down move. They are in BUYING mode though...
Trying to reverse a trend is like trying to turn a cruise ship.
What is VERY important to learn early as i wish I had, is to understand the concept that the trend price is in NOW is a result of the trend prior. Imagine the trend the asset is in now as a move that is being played out... The very worst thing you can do if you dont understand supply/demand, is to open your chart and just enter.
You might have heard of the "sniper" metaphor some youtube traders and companies use. Each one of these entities have their own systems/methods. However, its not a secret that S/R and FIBs serve are very valuable/valid targets and will serve you well if you understand how and when to use them... and its actually easy. The retail traders worst enemy is lack of patience. For example, the moves made in the chart (to the left) looks very easy and predictable.. but its the past.
If you want to master your system , you need to be able to project your targets and like a -sniper- patiently wait for price to arrive in the crosshairs. When price reaches your targets, you are expecting to see very specific criteria. If that criteria is not met then you adjust your risk/stops accordingly.Your comfort level and risk can only get dialed in through demo trading trial and error. I am not in the camp that suggest that you NEED to lose money in order to experience the emotional impact. I don't agree. I think trading/chart analysis is a trainable, learnable and improvable skill set.
Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA/ Master the Markets
Pete Faders VSA*
Read the ticker dot com
Wyckoff analytics
Dee Nixon
Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)