Still looking for longs. Getting pretty high. If you follow me you know my take on buying this close to supply zones.
I think the supply looks light and expect a move into new high ground. I want to see if it gets weighed down bu profit takers here at this previous supply area. Once that clears will see if it pulls back for a retrace in re-accumulation.
Try not to chase. Chasing normally leads to losses. Sometimes you might get away with it which gives you a false sense of confidence. Retracement plays always have a higher probability of success. If you just jump in at a previous supply zone more times than not you will get crushed down and will have to wait out weeks of weak hand shake outs.
Look at the chart. There is a specific moment when price moves up.
Then look at where the chart is currently and ask if it looks like that.
Right now it does not.
(practice*)
I think the supply looks light and expect a move into new high ground. I want to see if it gets weighed down bu profit takers here at this previous supply area. Once that clears will see if it pulls back for a retrace in re-accumulation.
Try not to chase. Chasing normally leads to losses. Sometimes you might get away with it which gives you a false sense of confidence. Retracement plays always have a higher probability of success. If you just jump in at a previous supply zone more times than not you will get crushed down and will have to wait out weeks of weak hand shake outs.
Look at the chart. There is a specific moment when price moves up.
Then look at where the chart is currently and ask if it looks like that.
Right now it does not.
(practice*)
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