Risk-heavy margin traders(margin to beat settlement at the very least) will enter at the first cross of the 10 & 20 EMAs, and in this case, be rewarded.
Traders looking for confirmation will wait for the price to retest the cloud/gap between the EMAs before considering an entry, and in this case, miss some intra-week gains.
Overall, the drawn-out/predicted consolidation should be taken with a grain of salt, as far as general timing and the number of bounces is considered. However, the resistance and support lines are more likely to be respected.
Either way you slice it, when RIDE emerges we will likely look back and see a break to the upside on this chart.
Traders looking for confirmation will wait for the price to retest the cloud/gap between the EMAs before considering an entry, and in this case, miss some intra-week gains.
Overall, the drawn-out/predicted consolidation should be taken with a grain of salt, as far as general timing and the number of bounces is considered. However, the resistance and support lines are more likely to be respected.
Either way you slice it, when RIDE emerges we will likely look back and see a break to the upside on this chart.
Trade active:
It feels good to be a chart-gangster!!!! stay tuned as we are still consolidating the early September rally.
Trade closed manually:
lol and my previous idea of being able to buy in the $18s again finally hits!!!! gotta love being early!
