Hey Sive,
I would like to know what you think about this.
I had a buy order @ 1.3230. SL 1.3190, TP 1.3480.
I watched as my buy order got executed. I was excited because of solid k-support at this area but do you think in this situation when we have a solid thrust down that we should wait for at least 1hr MACD to show bull or wait for stoch to show bull before entering to ensure that indeed k-support will hold?
Usually if you want to enter long you wait for a dip and then enter long and in this case, it did hit 1.3230 however if you just enter when that area is hit without waiting for confirmation would this be dangerous? Or would it be alright because we have evidence of k-support and based on k-support, market should respect it so we do not need to wait for MACD to show bull?
I just want to know what you think because when my buy order got executed, I was excited but also nervous at the same time because MACD was showing bear for 1hr, 4hr, and also daily.
Also, I recall you telling me that you only use the 3x3 for daily. However, on weekly TF, I see that RIGHT EXACTLY at the 25x5 MA, market has completely failed to break the 25x5. Would this add confidence to our short term perspective for bears? Or do you not really pay attention to the MAs below daily? I have noticed that there are rarely any whipsaws for the 25x5 weekly TF so I am just curious if this adds confidence to bears because right when market was about to go above 25x5, it rejected it and fell right down.
Thanks a lot Sive! Hope all is well with you and your family.
Cheers!