MyTradingJournal
Long

Price action & Psychology - First pullback

NASDAQ:TNAV   TELENAV INC
Hello !

Key points :
  • Fading volume : The fact that volume is fading indicates that the pullback is losing momentum, we should see an increase in volume tomorrow compared to today. Interest in stock is rising.
  • The wide range bullish candlesticks shows that bulls are strong and there's actually interest in the stocks (i.e. those that didn't trade have a chance to buy now)
  • The stock gapped down, probably out of fear considering the overall market conditions, there's been a selling wave driving prices down but bulls caught up

***Disclaimer : This is not an advice to buy the stock. You should never ever blindly follow a trader's idea without knowing exactly what he talks about.***

Thanks for reading and if you have suggestions or wanna discuss the idea, just leave a comment, I'll be happy to answer.
Trade closed: target reached: Took profits from the table a bit under my definitive target.

Comments

Hello I just saw this comment now. I am new to Trading view and newer to trading all together. I'm not familiar with this platform, how and why did you decide to comment on this? Your idea and how you laid it out seems spot on. I am very interested to learn more.
Thanks for your time.
+1 Reply
MyTradingJournal Danger_Zone
@Danger_Zone, Hello, thank you first of all. Well, my goal by posting on this platform is to provide value and help traders out by focusing on understanding what's happening in the market (from a psychological point of view). I use a scanner to find stocks to trade by filtering them and browsing through the charts. Once I've picked those which I find interesting, I chart them and I post some of my trades on TradingView.
Don't hesitate to DM me if you have other questions.

Thanks
Reply
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