Let me quickly get you back in the loop. Trading, in the larger scheme of things, is rather simple. It only involves 3 phases: UPTREND, SIDEWAY, and DOWNTREND. In an uptrend, you buy the dip. In a downtrend, you sell the rip. In a sideway chop, you play ping pong. With that said, which of the three do you think is the most important? That's right, it's the sideway chop because it bridges the trends together. Rarely do you see a trend reverse, especially in an uptrend, without some form of sideway action.
Technically you only need to know if the momentum is up or down. Even in sideway move, you can play a side instead of both. This way, your analysis can be simplified to deciding between two options, instead of three
Believe it or not, a part of this is psychological. You should try to reverse your trades in your directional trading, go long when you want to short, vice versa. Do this with some real money (amount meaningful to you). You will be surprised how your timing will be - as evenly - off as before.
I disagree with this, in indices, bottoms seem to be more spikes than accumulating areas. Though must say this is from a time chart, not volume
I left out more info on purpose, I want to get feedback on what you see on that chart based on that. Without bias on what happened after. Its easy to break break down chart when it already happened. I want to compare your thinking to my thinking. So i can see why i get stuck buying at exactly same spot Is there a noib trap in this chart pattern where i would think that this will go up again? What i saw is strong buying pressure with those last green bars it was number 3 on top 10 volume that day. Alot of tape action. And then suddenly buying volume disappeared and red orders started coming in. i thought it was a pullback, But it kept pulling back more and more The ticker is NVOS
LOL I rest my case!! Price has to move before you draw the waves. Likely and could are not definite calls. You could say that the price will likely go up or it could go down or it might stay in a range. Then when something happens you can take credit for a correct call. I'm glad I didn't take your advise on NVO
What are you talking about? Definite calls? lol. Anybody who loads the boat on a "definite call" is gambling lol. I have plotted the possible outcomes based on statistics, including time frames, and price levels lol. Until certain levels are reached there is no way to know if its going to be a single or a double correction. All it means is how many shares I can accumulate as I will be legging in at certain levels...levels I am aware of months in advance! What NVO advice? When did I ever give advice lol.