i put a buy stop order at the E.P ( entry point knowing fully well it will have a break out at either the top or the bottom, the top was first option due to the rsi which signified oversold)
it has successfully broken it now if it breaks the support of the previous wave which it seems to be doing down that means it will definately break the resistance of the...
the upward movement was supposed to create a range or lower high relative to the previous swing, now it broke the resistance and made a higher so there will be a sell soon which will make a higher low which means a short term sell which we are seeing with the spike but it is retracing back to the resistance turn support level R =S.
wait for confirmation because...
it created a higher higher relative to the previous swing, it will probably create a higher low, but the sell order should be a short term.
do not sell yet wait for confirmation.
its a sell first (retrace) and then a buy
do not buy yet it is still in the buy region.
PLEASE FOLLOW :)
it has been doing a range for days now
a range can either choose to be a distribution or an accumulation
it did not reverse at golden levels of fib on the last up movement level
so we are on the probability of a distribution. wait to confirm if it will break out fully going down
once it does that, that means it has finally decided to be on a downtrend and that...