The Green Organic Dutchman idea - lovely setup for a 40% move
This one seems like a bit of a no brainer for a 40% move before retracement.
10 day MA has flipped from resistance to support
RSI is telling a similar story
Volume has increased steadily over days
Sell when it touches the 'first trouble area' in the nearest overhead resistance.
Invalidated if it dipped back down to the local support, or 10 day MA failed to hold as support.
10 day MA has flipped from resistance to support
RSI is telling a similar story
Volume has increased steadily over days
Sell when it touches the 'first trouble area' in the nearest overhead resistance.
Invalidated if it dipped back down to the local support, or 10 day MA failed to hold as support.
Trade closed: stop reached:
Ouch! This one did not pan out.
Mistakes:
- Wasn't using a benchmark for this trade - was not looking at the HMMJ.
Had I been looking at HMMJ, was clear all #weedstocks were overbought and needed a correction before next move up.
Too reliant on one indicator (THE RSI) which statistically has very poor performance when used on it's own.
Needed to see confluence between several indicators PLUS the market benchmark to get this trade right.
Would have then slowed down... waited... and got in later on.
Mistakes:
- Wasn't using a benchmark for this trade - was not looking at the HMMJ.
Had I been looking at HMMJ, was clear all #weedstocks were overbought and needed a correction before next move up.
Too reliant on one indicator (THE RSI) which statistically has very poor performance when used on it's own.
Needed to see confluence between several indicators PLUS the market benchmark to get this trade right.
Would have then slowed down... waited... and got in later on.
Comment:
I was fucking right - exactly a 40% move and then retracement.