I remember this quite clearly......Years ago(~2008), I noticed a small cap stock (a friend worked there) would trade between .55 cents and .75 cents consistently. A few weeks went by like this. I bought at .55 cents, sold at .70 cents with $1,000 in my investment account 3 times. I knew zip about trading at the time just was following this pattern. Then the last time, I bought at .55 cents as per usual, convinced of my own genius for discovering a perpetual money making machine.....and the price went down to around .35 cents and then stalled in that area for quite some time. I think I wound up eventually selling at .40ish cents after it popped up again. I withdrew the money and paid for a contractor to build a fence and went on with life.
In hindsight, this simple buy here, sell here pattern and repeat was probably the start of my technical analysis journey.
I have no clue what a chart would have looked like for this back then (I checked it’s not on trading view) but the memory buzzed into me head looking at this ETH chart. A now clear and relatively tight range of ~1150 and ~1235.
Do you long the bottom? Short the top? Do you trust this will continue? Why?
Do you have rules around how price interacts with these support and resistance levels? Are they strong levels to plan around?
If I’m able to sit and watch tradingview I would be inclined to take a break and retest (either up or down) from this range for a quick trade. If I can’t be at the computer to babysit I wouldn’t take that trade though. Fearful or cautious?
I try to be exceedingly patient in my approach with well timed aggression and I wind up only taking one or two trades per week. Sometimes none.
I’m still much more interested at ~1000 and ~1350 versus this middle range. Wait and watch.
In hindsight, this simple buy here, sell here pattern and repeat was probably the start of my technical analysis journey.
I have no clue what a chart would have looked like for this back then (I checked it’s not on trading view) but the memory buzzed into me head looking at this ETH chart. A now clear and relatively tight range of ~1150 and ~1235.
Do you long the bottom? Short the top? Do you trust this will continue? Why?
Do you have rules around how price interacts with these support and resistance levels? Are they strong levels to plan around?
If I’m able to sit and watch tradingview I would be inclined to take a break and retest (either up or down) from this range for a quick trade. If I can’t be at the computer to babysit I wouldn’t take that trade though. Fearful or cautious?
I try to be exceedingly patient in my approach with well timed aggression and I wind up only taking one or two trades per week. Sometimes none.
I’m still much more interested at ~1000 and ~1350 versus this middle range. Wait and watch.