Price is currently retesting a historically strong S/R zone after being quite extended. Detailed analysis on why this will be a good short in video.
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Updated SL. Dotted lines indicate orders.
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Was able to snag 25% of a +30% profit mark @ 0.38FIB on the move up, however price has moved against me and I am currently in a drawdown.
What I should have done was let price hit my stop loss at my break even avg. entry and re-enter a short higher or wait for LUNA to lose strength, however I let it run assuming that this strong resistance should hold me. This was the incorrect trading decision - as the first rule in trading should be to always protect against downside risk.
There is currently a pull back on a 15min W pattern that I am watching closely trailing my stop lower as price loses strength. I still expect LUNA to drop, however I will cut my losses if price makes it way higher again.
What I should have done was let price hit my stop loss at my break even avg. entry and re-enter a short higher or wait for LUNA to lose strength, however I let it run assuming that this strong resistance should hold me. This was the incorrect trading decision - as the first rule in trading should be to always protect against downside risk.
There is currently a pull back on a 15min W pattern that I am watching closely trailing my stop lower as price loses strength. I still expect LUNA to drop, however I will cut my losses if price makes it way higher again.
Comment:
Currently -11% with a forming descending wedge. Seeing that LUNA still has some strength and the general market at large, will shave 75% of the order just incase we get a massive break out with a stop at 14.8.
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
