Thank you again AquaHydroMan for the suggestion.
This one was complicated. News candled throw off trading and algos. However, we do see that once we ignored the news candle the fibs started aligning better. For new traders this may be a source of frustration or even intimidation while reading, but with time you will soon get the grasp on how to identify and read news candles as well.
Anyway, we are testing the 38% fib on the 4H and daily as support. We need a bounce and test as a confirmation prior to entering. Otherwise, we are likely to fall to the next support zone being the 61% fib.
People are in the comments complaining about being in drawdown but two things occurred: You are not using proper risk mgmt (ie gambling more money than you can afford to lose) or you did not wait for a confirmation to prevent unnecessary drawdown (ie. FOMO and emotions got you!).
BE PATIENT!!! trading is a game of patience. If you cant control your emotions consider being an investor instead of a trader. Set and forget, dollar cost avg, and do it consistently on high conviction stocks, assets, coins, etc....
This one was complicated. News candled throw off trading and algos. However, we do see that once we ignored the news candle the fibs started aligning better. For new traders this may be a source of frustration or even intimidation while reading, but with time you will soon get the grasp on how to identify and read news candles as well.
Anyway, we are testing the 38% fib on the 4H and daily as support. We need a bounce and test as a confirmation prior to entering. Otherwise, we are likely to fall to the next support zone being the 61% fib.
People are in the comments complaining about being in drawdown but two things occurred: You are not using proper risk mgmt (ie gambling more money than you can afford to lose) or you did not wait for a confirmation to prevent unnecessary drawdown (ie. FOMO and emotions got you!).
BE PATIENT!!! trading is a game of patience. If you cant control your emotions consider being an investor instead of a trader. Set and forget, dollar cost avg, and do it consistently on high conviction stocks, assets, coins, etc....