BTC OOOO!!
The reason I would never enter a trade in this situation despite how promising a short may look:
I call this 'no mans land' as price is in unknown territory without sufficient higher timeframe key levels present. Once I plot my key levels (purple zones) I rarely ever change them as a lot of thought goes into their placement. Price is currently centralised between the 2 purple zones, meaning it may not be at the peak of its upside rally yet, but at the same time it's close enough to support to retest lower = confusion = I want nothing to do with it.
Instead of trying to outsmart the market, I'll let it make its way to me where I can then add the fact price followed my analysis to a pre-empted buy region as another confluence towards executing the trade.
This way there's no emotionall attachment and I'm only executing the trade if the market adheres to a strict set of rules that make up my strategy/trading plan.
I call this 'no mans land' as price is in unknown territory without sufficient higher timeframe key levels present. Once I plot my key levels (purple zones) I rarely ever change them as a lot of thought goes into their placement. Price is currently centralised between the 2 purple zones, meaning it may not be at the peak of its upside rally yet, but at the same time it's close enough to support to retest lower = confusion = I want nothing to do with it.
Instead of trying to outsmart the market, I'll let it make its way to me where I can then add the fact price followed my analysis to a pre-empted buy region as another confluence towards executing the trade.
This way there's no emotionall attachment and I'm only executing the trade if the market adheres to a strict set of rules that make up my strategy/trading plan.
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