Did I misread the chart again? Last time I sold way too fast so I decided to hold this time. But it's been a long time and the price might actually fall below the next support. Me thinks that if there's no movement after august 1 I should sell this off.
RE: Daytrading vrs Position Trading, which will make you more money?
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Daytrading vrs Position Trading, which will make you more money?
How far back into the chart did you look into?
You should view the bigger story of the chart by zooming out to at least 1 month, preferably 2 months, to make a better informed trade and if you're not seeing the bounces from cracked bases on the larger view then you know not to even take the trade.
I recommend the following approach:
Rinse and repeat until you get bored from making money from the market 😂
Hope this helps 🙏👍
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Your time frame is a little small.. you need to be looking at a bigger picture to draw your bases.. if your looking at a week than you need to respond fast to bounces.. I dunno what to tell you with this chart..
Anyway, my rule of thumb is to never let a bounce get away from me without atleast participating.. so that means selling some on every bounce.. But honestly its your timeframe thats throwing you off.. you need to look at a bigger chart and run your odds, figure out what is a normal size bounce..
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hey, thats what i like to see... Your evaluating the whole chart and now you have a good sense of your odds.. I would say that I probably wouldnt have taken a trade off the 700 break, but your odds are still very high, that you atleast get a break even trade..
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On the second bounce, I would have sold some probably at least 50% of your total position. You profit off the last three trades which helps offset the costs from your first four.
I've made the same mistake quite a bit on my first couple weeks trading
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I made the exact same mistake. If you look back in the chart you can see that the average bounce of the other bases is higher (around 12-15%%) and this 700 base is 8.8% so therefore it doesn't qualify as a base.
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