Current price action also shows the importance of taking profit at key resistance level. If price decides to reverse now, your winning trade will turn into a losing one. I'm ready for price to go either way
As mentioned earlier, the only resistance i see was at 0.235. Pass that further upside for me. I see 0.26 is a good TP2 area. When the price comes down so quick, no real support is built, same for resistance when price is going up. I don't see any major pullback until we're back at 0.29. Nevertheless it was a good run today.
A big thank you, ccpool for the reply. This company have potential to execute projects with compliance to high end building standards. Almost like Nestcon.Passing their IPO price should not be a problem. Meanwhile we can see construction spending by Govt is kicking off.
Yes it was a good run today but i will not be overly bullish. Do i expect upside? yes but i also know probabilities can change instantly when a bigger trader decides to invalidate your plan. For now, retesting 235 as support will favour the probability of going higher
For upside, i will be cautious when price reaches 275-290 region. This region will be the pivot of deciding whether it will break to upper region of the chart or just continue to be in this price range. Remember to not fomo when we are at the top. It's easy to get emotional because you missed the bottom, fomo buy and only to see price goes back down. Some of you might relate "When i buy, the price sure drop and when i buy the dip, the dip keeps getting deeper" so only identify high probability trades to avoid being in such situations
Those that chase the high instantly underwater. Near 10% drop from the recent high. If you don't TP, somebody else will take it away from you. My thoughts on this week price action is still the same.
0.24 has been retested as support. If we can reclaim 0.27 as the new support. Will be looking for price discovery to the upside. Fail to reclaim, i will just trade it in this range.
We have retraced from my TP2 level and back at previous support. Since it was rejected at range high, got back into the range and currently at the mid range where most trader will close their underwater position and this may trigger bigger selloff . Tho we are at support, opening any new position here is a 50/50 trade. I will be patient and wait for more confirmation. My key support level remains at 0.175-0.18
@redhotpepper I wouldn't know if the price will drop further below 0.17. Until then support is support until proven otherwise. I will be looking at the reaction and the data coming in when price hits my key level and decide if there is a trade for me. I don't predict prices, i can only react and be ready for the possibilities of going up and down.
Whether got power to go back to IPO price, as of now, very unlikely until there are more confirmation. But most important rule of all is to protect your capital. Not to hold on to any bias. You can make money when market goes up or down, just be ready when the opportunity comes.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
CUTLOST
5,178 posts
Posted by CUTLOST > 2022-03-28 10:11 | Report Abuse
Chill..all goes down will up back