Saturday, August 26, 2017 1:14:25 PM
One of my favorite trades is to wait for the .618-.786 retrace (not always a guarantee, but a nice place to bid at) IMHO
I personally got burned too many times trying to guess which way a consolidation pattern will break.
If price moves too far too fast, it is natural for it to move back to the moving averages or trade sideways until the MA's catch up.
Cloud support is at the gap fill as well.
Possible support
IMHO traders simply took profits at the common fib levels
I would imagine that a lot of stop losses are at the 2.70 area. I always like to set a limit order in down low in case the MM's pull a fast one and take out the stop losses and give us cheap shares. From a moving average perspective the chart would still be ok at 1.80-2.00.
Best of luck to all.
I personally got burned too many times trying to guess which way a consolidation pattern will break.
If price moves too far too fast, it is natural for it to move back to the moving averages or trade sideways until the MA's catch up.
Cloud support is at the gap fill as well.
Possible support
IMHO traders simply took profits at the common fib levels
I would imagine that a lot of stop losses are at the 2.70 area. I always like to set a limit order in down low in case the MM's pull a fast one and take out the stop losses and give us cheap shares. From a moving average perspective the chart would still be ok at 1.80-2.00.
Best of luck to all.
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