I failed to see the recent downtrend, however, we are sitting on support and looking for a relief rally. Short term looking at this setup.
Overall right now we are playing with fire on the over market sentiment, There isnt too much area for us to hang on with. Currently, the 6500 area is our critical support, and if that breaks... True capitulation will come with that. I want to urge everyone to trade safe but also do not fall a victim to the market.
It happens time and time again where the market will react far differently than you chart it, this is where you need to keep your emotions in check along with your plan. Spotting a losing trade can only happen if you have a predetermined exit and entry, If price action goes in the opposite direction dont panic dump.
Sometimes sitting on the sidelines and gathering your insights will make you far more money than opening that trade every 4 hours.
TLDR: Market is very irrational right now, if not in a position wait for a relief rally then asses if the market looks like it will hold, larger time frames are painting a triple bottom. We need confirmation on this for continuation
Overall right now we are playing with fire on the over market sentiment, There isnt too much area for us to hang on with. Currently, the 6500 area is our critical support, and if that breaks... True capitulation will come with that. I want to urge everyone to trade safe but also do not fall a victim to the market.
It happens time and time again where the market will react far differently than you chart it, this is where you need to keep your emotions in check along with your plan. Spotting a losing trade can only happen if you have a predetermined exit and entry, If price action goes in the opposite direction dont panic dump.
Sometimes sitting on the sidelines and gathering your insights will make you far more money than opening that trade every 4 hours.
TLDR: Market is very irrational right now, if not in a position wait for a relief rally then asses if the market looks like it will hold, larger time frames are painting a triple bottom. We need confirmation on this for continuation
Trade closed: stop reached:
well back to the drawing board