ADT: Reverse Psychology
Friends,
Long has not confirmed so far. What if it opens lower and the previous long idea fails?
This is where the best traders will be able to totally change their perspective and go the other direction without hesitation.
Proper traders will realise if this long failed off a Fibonacci confluence zone, A double bottom, and failed at a long term major moving average, then we could just as easily counter trend trade this and go short when a candle opens below these levels.
An open below the previous days close is very bearish and we would want to be short.
HOWEVER. If we open higher and see the bulls in with force now, then we could go long above 37.50's. We can go either way from this level without taking much risk.
I didn't feel the need to point this out before, as it seemed so likely the move would be bullish due to the strong levels and they very rarely fail.
Tom
Long has not confirmed so far. What if it opens lower and the previous long idea fails?
This is where the best traders will be able to totally change their perspective and go the other direction without hesitation.
Proper traders will realise if this long failed off a Fibonacci confluence zone, A double bottom, and failed at a long term major moving average, then we could just as easily counter trend trade this and go short when a candle opens below these levels.
An open below the previous days close is very bearish and we would want to be short.
HOWEVER. If we open higher and see the bulls in with force now, then we could go long above 37.50's. We can go either way from this level without taking much risk.
I didn't feel the need to point this out before, as it seemed so likely the move would be bullish due to the strong levels and they very rarely fail.
Tom
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