Go back and look at any new asset on the daily chart and it will very often have long wicks to both the upside and downside. Pay close attention to that data as they will almost always take price back to both the high and low at some stage. We just never know when.
I couldn't care less about it's fundamentals but I think the market makers have big plans for TON and I am looking forward to adding it to the list of assets that I trade. Currently, I can only trade it Long so I have to be patient and wait for it to come back down in order to get a suitable entry point. Lucky you if you are able to short TON. The question is - will it go all the way down to 50 cents to recover that wick?
For now, patience is the order of the day and I have set an alert for $1.33 - a level at which I will start paying attention. If it paints a peak formation around that level then I will start to trade it. If not, then I will create an alert at $1 where I will once again pay attention. If it does not bounce from there then it will almost certainly go all the way down to 50c.
Let me know your thoughts on TON and whether or not you think it will recover those wicks.
I couldn't care less about it's fundamentals but I think the market makers have big plans for TON and I am looking forward to adding it to the list of assets that I trade. Currently, I can only trade it Long so I have to be patient and wait for it to come back down in order to get a suitable entry point. Lucky you if you are able to short TON. The question is - will it go all the way down to 50 cents to recover that wick?
For now, patience is the order of the day and I have set an alert for $1.33 - a level at which I will start paying attention. If it paints a peak formation around that level then I will start to trade it. If not, then I will create an alert at $1 where I will once again pay attention. If it does not bounce from there then it will almost certainly go all the way down to 50c.
Let me know your thoughts on TON and whether or not you think it will recover those wicks.