Neutral for now ....
How ever once the market wakes up next week and starts to move I will see what the chart is doing and place a trade based off of that movement. Only two real options, up or down, even a super green trader can tell us that.
I learned a long time ago don't trade off of what you think, trade off of what the chart is actually doing.
Early on in my trading I would just enter a short trade at this level - my thought process would be ....
Trend is down, pull back to 50% fib level, pull back into what was once a strong zone, makes sense it should go down .... now that may end up being correct BUT if it is not I jumped into a trade based off of what I think and I always end up with more losers when I trade that way.
Instead I will wait for a break out either way then enter on the pull back on say a 4hr chart. To be honest if I want even a better trade I will wait for a break out to the down side and enter on pull back, this way I would be trading with the dominant energy. If it breaks up I will pass ..... next
Happy trading folks and happy EASTER to those who celebrate.
All the best!
How ever once the market wakes up next week and starts to move I will see what the chart is doing and place a trade based off of that movement. Only two real options, up or down, even a super green trader can tell us that.
I learned a long time ago don't trade off of what you think, trade off of what the chart is actually doing.
Early on in my trading I would just enter a short trade at this level - my thought process would be ....
Trend is down, pull back to 50% fib level, pull back into what was once a strong zone, makes sense it should go down .... now that may end up being correct BUT if it is not I jumped into a trade based off of what I think and I always end up with more losers when I trade that way.
Instead I will wait for a break out either way then enter on the pull back on say a 4hr chart. To be honest if I want even a better trade I will wait for a break out to the down side and enter on pull back, this way I would be trading with the dominant energy. If it breaks up I will pass ..... next
Happy trading folks and happy EASTER to those who celebrate.
All the best!
