I know that's easier said than done. Especially, when you're right in the thick of battle, trading at the hard right edge. Understanding how the game is played and then being able to recognize the conditions and setup surrounding the current state of chaos will help you position yourself on the right side of the market more often than not. Even with that understanding and knowing, one can still be shaken out by market noise and your emotions that are being used against you. Knowing yourself is key to success in the markets. The market has an amazing ability to reveal your inner demons and allows you to shine your light on them to see them for what they truly are. Doing this will help you better position yourself in the heat of battle when everyone else is full of fear and panic.
And we're back at the 50% fib after undergoing four days of accumulation/shakeout on the channel lows. Friday was the last-ditch shakeout for the late FOMO longs that finally started buying after price moved higher.
The next target zones are around the 61.8 and 78.6 fibs. It's important to let the market tell you how far it's going to go. Watching the candle close can help with that. there is a short-term sell setup forming around the above levels. If those levels aren't reached and there is the right candle formation, I will start trying on some shorts. After all, Spring is here.
Remember where and how profit-taking occurs. Follow the path of least resistance. There is a big void to fill between 72-78 and lots of sellers to liquidate which would help fill the void and disguise any sign of profit-taking.
Remember, keep your risk low and manage your trades.
Plan. Execute. Next.
Trade Less. Make More.
And we're back at the 50% fib after undergoing four days of accumulation/shakeout on the channel lows. Friday was the last-ditch shakeout for the late FOMO longs that finally started buying after price moved higher.
The next target zones are around the 61.8 and 78.6 fibs. It's important to let the market tell you how far it's going to go. Watching the candle close can help with that. there is a short-term sell setup forming around the above levels. If those levels aren't reached and there is the right candle formation, I will start trying on some shorts. After all, Spring is here.
Remember where and how profit-taking occurs. Follow the path of least resistance. There is a big void to fill between 72-78 and lots of sellers to liquidate which would help fill the void and disguise any sign of profit-taking.
Remember, keep your risk low and manage your trades.
Plan. Execute. Next.
Trade Less. Make More.
Comment:
Going into the Asian session, there aren't any signs of selling that I am aware of. It feels like another push higher (blow-off) towards the next resistance zones is coming. There is a sell reversal pattern forming on the 8h chart, but I'm still waiting for another push higher before I start testing the waters by exiting longs and shorting.