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Beany72

3,285 Posts.

5

18/05/16

22:09

Post #: 17806737
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Originally posted by Jako64 ↑

What timeframe do you intend to trade it ??

if you are just trading the bounce from the potential buying after a gap down, you probably should have gotten in late today, or tomorrow if/when today's high is taken out.

Apart from that - "price doesn't gap down like that for no reason".
And while it may (or may not) prove to be climactic, there is probably plenty of time to see what is going on, before taking a position.
Price is most likely either going to continue lower yet, or be moved sideways by the potential buying, but even if today's bar contained really serious buying, a 'V' shaped recovery is very unlikely, and least probable.
(a V shaped recovery IS possible.....but quite unlikely)

I'll have a closer look at the chart a bit later.....

cheers

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I like to open and close positions in the same week ideally but do at times hold on for a couple of weeks.
I look at the market an hour before it opens and that's it, I'm WA time.
I look at my charts after market and establish orders in the evening.
My orders are automated based on price targets so I don't see any live trading.
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