Call on Red Line 2
Updated
Money Man had to wait for price to move out of the Decision Box territory and get some direction into it before adjustments were due on levels. “Red Line 2” was hit and caused the anticipated bounce. Now price is getting into a state that justifies this analysis.
Targets were changed because of price action and this shows some serious space to the downside. Money Man does not like this as the market is a balancing act and he thinks that once you start looking at 1 to 1 balanced blocks, you are on the right track. This does not mean that you cannot come out ahead – it only takes an edge to get above a 50% success rate and you are in the small group of traders who make money and manage to keep it too. Long story short: That big gap to Red Target 1 is bothering him, but the chart is saying that and that is what is in the analysis.
Conclusion: Do not forget about both sides of the trade. Volume is now to be believed in Money Man’s opinion and is constriction. Take note of the long-term trend lines and decide if you want to trade within them. There seems to be an enormous gap to the downside now. Caution is advised. Remember that there are no guarantees, only probabilities. Very Important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
Targets were changed because of price action and this shows some serious space to the downside. Money Man does not like this as the market is a balancing act and he thinks that once you start looking at 1 to 1 balanced blocks, you are on the right track. This does not mean that you cannot come out ahead – it only takes an edge to get above a 50% success rate and you are in the small group of traders who make money and manage to keep it too. Long story short: That big gap to Red Target 1 is bothering him, but the chart is saying that and that is what is in the analysis.
Conclusion: Do not forget about both sides of the trade. Volume is now to be believed in Money Man’s opinion and is constriction. Take note of the long-term trend lines and decide if you want to trade within them. There seems to be an enormous gap to the downside now. Caution is advised. Remember that there are no guarantees, only probabilities. Very Important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
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