Price is hovering above significant support. Wait for the bounce and a breakage of short-term trend lines before entering. RSI crossing above 55 will validate and fuel the move. Should be a nice little gainer.
Comment:
This is a perfect example of why you need to have clearly defined trading plans. The market knows what you're thinking. Its aware of the psychological consensus that's prevelant at any given moment.
This was an obvious breakout opportunity. For that reason they chose to manipulate the market in such a way as to make the majority wrong. It's not rare, and this is why you hear people talk about taking contrarian views to speculation.
Since our entry rules were clearly defined we didn't fall for this trap. Although our analysis was ultimately incorrect our account balances remain unchanged, and thus we win.
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This was an obvious breakout opportunity. For that reason they chose to manipulate the market in such a way as to make the majority wrong. It's not rare, and this is why you hear people talk about taking contrarian views to speculation.
Since our entry rules were clearly defined we didn't fall for this trap. Although our analysis was ultimately incorrect our account balances remain unchanged, and thus we win.