Lesson learned (again)..
Don't overlook the daily and larger times frames for key S/R areas. Definitely higher priority areas of volume information. Its very important to know where you are in relation to these area. Because your mind can entice you to buy right into a key resistance or sell right into a key support, this is very dangerous .
Any time price goes against you, it would be a good idea to make a mental note of where you were )price wise) in relation to key S/R areas. Maybe even take a look at the most recent news announcement. Basically the same if you do find yourself in a good trade.
In this example, price is in very close proximity to a key daily support area. Its in a down trend.
How strong is this trend, was there any notable accumulation/positioning? Is it in an accumulation phase and if so where is it within the trading range?
I imagine anyone that went after it short near that support is now hoping the downtrend continues. But can we confirm that it will? Or will it make another fake attempt to lure chasers and trigger stop losses creating a massive amount of volume that is enough to force a mark-up?.. really killing the ones holding short, moving stop-losses higher/still hoping.
Practice*
Don't overlook the daily and larger times frames for key S/R areas. Definitely higher priority areas of volume information. Its very important to know where you are in relation to these area. Because your mind can entice you to buy right into a key resistance or sell right into a key support, this is very dangerous .
Any time price goes against you, it would be a good idea to make a mental note of where you were )price wise) in relation to key S/R areas. Maybe even take a look at the most recent news announcement. Basically the same if you do find yourself in a good trade.
In this example, price is in very close proximity to a key daily support area. Its in a down trend.
How strong is this trend, was there any notable accumulation/positioning? Is it in an accumulation phase and if so where is it within the trading range?
I imagine anyone that went after it short near that support is now hoping the downtrend continues. But can we confirm that it will? Or will it make another fake attempt to lure chasers and trigger stop losses creating a massive amount of volume that is enough to force a mark-up?.. really killing the ones holding short, moving stop-losses higher/still hoping.
Practice*