Wouldn't want to mess you up. You learn technical trading by taking the trades you understand and appeal to you most*... then branch out from there. * Example... "test/hold of 200 day MA from above when it has a positive slope". This is a "high probability, big gain potential trade". Unfortunately, it occurs infrequently.
good question the upward momentum was dying.....but you still cannot catch the top.....[or bottom]....but there is huge risk reward in this trade.....the danger is,as with all things dying, is that it will fight for it's life so sometimes after 'dying', there is a last blast upwards that happens quite rarely but it does happen....in markets there is always weird behavior when you are least expecting it
So then why bother trying? Unless you have some clairvoyant abilities you're not sharing with us, why not just wait until it begins its downward trajectory?
thanks for posting a chart.. is there not momentum divergence on your chart. this is a pull back on the hourly and a wedge shape
yes that is wonderful set up trading requires a great deal of patience...but when your 61 years .....you are looking for fun not a great deal of money......
Your age isn't the issue. If you're bothering to trade at all, you want to make something of your effort... regardless of how old you are. While the "200 day MA test...." trade ranks very high in my preferreds... it of course is not the only one. Others may not be as reliable/profitable as that but still very good and tradable. You would do well to sniff them out. There are solid, profitable technical trades which occur EVERY DAY.... not as big and powerful as the previously described "200 MA test"... but still very valuable and worth trading.
this is the 4 hourly chart a very interesting chart showing a breakout from a wedge [bottom?] after positive momentum divergence so you are right may not be a short in the longer time frames