Many textbook & blogs give advice to all traders & investors so as not to catch a bottom because it is impossible.
But i was pondering if no one ever catch a bottom, why then there is so much going on with the spike in volume
and ultimately who are those smart pple who can catch a bottom, i am DEADLY sure that they are.
This would be my first attempt to catch bottom with interpretation from my humble opinion.
The very big spike on the left with volume lure the bulls to buy a lot but by the end of trading day, the bulls were trapped, the following gapped down and the bulls are still optimistic. By the time the price drop below 1.00 and hit as long as 0.75, majority of the bulls were suffocated.
Then there is another spike with lesser volume (still higher than normal volume), but this time the bulls were shy because they had been bitten once. Hence there isn't any follow through candle.
Last friday, another bullish candle appeared! This could either lead to a further consolidation is triangle pattern or it might just break out of the triangle resistance.
I found two hammer at the triangle support and my gut told me to just long @0.98.
With RSI & MACD going up again plus a proper gradual golden cross of 8ema above 20ema & 50ema, i am quite comfortable keeping my long.
P.S. I could still be very wrong
But i was pondering if no one ever catch a bottom, why then there is so much going on with the spike in volume
and ultimately who are those smart pple who can catch a bottom, i am DEADLY sure that they are.
This would be my first attempt to catch bottom with interpretation from my humble opinion.
The very big spike on the left with volume lure the bulls to buy a lot but by the end of trading day, the bulls were trapped, the following gapped down and the bulls are still optimistic. By the time the price drop below 1.00 and hit as long as 0.75, majority of the bulls were suffocated.
Then there is another spike with lesser volume (still higher than normal volume), but this time the bulls were shy because they had been bitten once. Hence there isn't any follow through candle.
Last friday, another bullish candle appeared! This could either lead to a further consolidation is triangle pattern or it might just break out of the triangle resistance.
I found two hammer at the triangle support and my gut told me to just long @0.98.
With RSI & MACD going up again plus a proper gradual golden cross of 8ema above 20ema & 50ema, i am quite comfortable keeping my long.
P.S. I could still be very wrong