Received 4 Karmas
BSeli Mar 22, 16 8:48 AM

Potential short opportunity soon?

djvillar Mar 22, 16 10:48 AM

I see you made money but not sire if the thought process makes sense. Resistance was 5.10 so your figuring it will become new support (that makes sense). But then you buy when after it breaks that support at all the way to 5.03 (buying under support - here's where its gets sketchy). Then you say your confirmation is when it when it bounced twice at the 5.10 area, after you entered under that support area. If you lower your time frame enough there are bounces everywhere. And if you identify 5.

djvillar Mar 22, 16 10:50 AM

...And if you identify 5.10 as support and buy under it, is your entry at 5.05 not entry at an arbitrary bounce that so happened to also be a near term bottom? Shouldn't you be buying after support prove to actually be support with a stop under that area?

JoeRuark Jul 06, 16 4:36 PM

I know very very late, but the 5.10 was double top, usually does not breakout the first few times. If you notice, it bounces off the 5.00 area from waay back. Thats how I knew it was support there.

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