Pop Quiz!
Suppose you bought SMC today, yesterday or a couple of days ago. Based on this chart alone, what do you think you ought to have done today? O:)
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5 comments:
/hmm
i'll increase my stop :p :P
Looks like deja vu, but if you adjust your upper channel connection such that you connect the end points of the first and second push to a high, you'll see that the third push seems to have some room left before hitting the upper line. :)
As always, we'll know when we know. Haha.
you ought to pat yourself on the back!
hold, monitor your price stop. If it goes with bull then No worries it might even break out from the pattern and fly.
Gen, yeah, that's true. I'm actually open to the possibility of SMC even going higher on Monday but I still see that as the opportunity to get out. It can repeat the second spike where it it went above the previous day's high but still closed near its lows.
Harley, Anon, you guys are optimistic! You must be position traders. Hahahah! Kidding, kidding. :)
Thanks, Abi!
Obviously, there are no wrong answers here. We all have our own trading styles and rules to abide. Let me tell you my take on this.
Last Friday's move was a take profits. It formed its typical toppish behavior so when I saw this, I decided to sell on rally that same day. I can only confirm if I made the right move either on Monday or Tuesday. If SMC closes near its low on Monday, I'm more confident that it will breakdown on Tuesday. If it closes near its highs on Monday though, then that says SMC still has some fuel to go higher. I'm generally bullish on SMC but as I said the other day, "Tsupita, ON!" And SMC was just a tsupita trade. Thank you for your contribution, SMC! :)
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