Hello all,
As I am sure many of you, me I am also still waiting for the situation to develop and to find some good mid/long term entry in case we get the trend change confirmation.
Here we have breakout of 50WSMA which to me looking at the weekly volume and comparing it to the previous weeks, appears highly suspicious in terms that it's just an average one.
Making such a strong bullish statement and possibly one of the major trend reversing signals on this volume makes it look like a bait, though I may be wrong.
We still need to see the confirmation signal by the end of this week which is to have a possibly green candle closing above the 50WMA.
Anyway maybe for the some short term trading which I am not interested in this chart shows clear situation on how to play it on the long side.
Looking at 2015 chart and breakout above 50WSMA shows the right volume pattern with strength increasing.
For the strength to increase, market needs to draw more and more buyers. To draw the buyers and make them enter at some prices it takes either the price to be at some type of healthy support level,
or to make the buyers entering long positions induced by the FOMO due to some impulse that refuse to drop until it's too late for some.
The price is due to correction long time ago watching many of the indicators, however I am aware that indicators are there to follow the market and not vice versa.
Being the one who is not able to control the market I must conform to whatever it throws at me if I wanna play this game.
I wish good luck to all of you
As I am sure many of you, me I am also still waiting for the situation to develop and to find some good mid/long term entry in case we get the trend change confirmation.
Here we have breakout of 50WSMA which to me looking at the weekly volume and comparing it to the previous weeks, appears highly suspicious in terms that it's just an average one.
Making such a strong bullish statement and possibly one of the major trend reversing signals on this volume makes it look like a bait, though I may be wrong.
We still need to see the confirmation signal by the end of this week which is to have a possibly green candle closing above the 50WMA.
Anyway maybe for the some short term trading which I am not interested in this chart shows clear situation on how to play it on the long side.
Looking at 2015 chart and breakout above 50WSMA shows the right volume pattern with strength increasing.
For the strength to increase, market needs to draw more and more buyers. To draw the buyers and make them enter at some prices it takes either the price to be at some type of healthy support level,
or to make the buyers entering long positions induced by the FOMO due to some impulse that refuse to drop until it's too late for some.
The price is due to correction long time ago watching many of the indicators, however I am aware that indicators are there to follow the market and not vice versa.
Being the one who is not able to control the market I must conform to whatever it throws at me if I wanna play this game.
I wish good luck to all of you