Hi Luc I think I messed this trade up. I was a little bit too confident in this trade I guess. Went in with too much size for my taste (25% of portfolio) and now stuck holding.
Can you give me some advice how to first of all prevent this from happening again and what to do next? Appreciate your video's, learning a lot from them!
Alright so I played off the base with the blue arrow. I bought in quite low at the time and set my sell order for the base level (blue arrow line) but it never reached that level. I also missed the bounce and now I'm stuck holding. Do you think it's going to that base in the near future or do I need to suck up my loss and get out on the next bounce? (that seems to be right now)
Im sorry, I wouldnt have considered that blue arrow a base.. you are using a great chart, and the bases are defined by the bounce that happened off them.. so you look back at all those bounces and you will see what should be defined as a base.. your last yellow line was a base, but the other two are questionable.. atleast you wont lose much if you bail on the trade and try again ..
Man I can see it now. That blue arrow base bounce can't be considered an average bounce compared to the other base bounces. So it's not a base, why didn't I see this -_-
I took the L and going to try again. Thanks for your comment!
The base for where you bought seem to be at .0065 and if you based it on that you should have been looking for the bounce back to .0065 and it did. And if you based you purchased on that, you'd be able to get out, not sure I'd make that buy myself though. I would have waited until it dropped below the first based you marked around .0062 but I would also draw that base lower around . 0055 and wait for that to crack
Thanks for your comment. But the 0.065 looks like such a weak base though. Yes it would've worked but I don't see it as a base. First of all it didn't reach the blue arrow line and therefore I thought we just had to wait for the bounce to the blue arrow line (which never came). Oh and the reason I didn't play off that 0.062 base is because the blue arrow base seemed pretty clear (2x touching for example) and that was the last base so it looked safe...