Charts, page-4967

Trade idea



My intuition cautions me a little re. present structure.



Cautionary story remains on parent time frame.



It could just be that I find the contrarian mindset easier to dip into when I see an uninformed consensus that 'it must go up now.' Reason for that is simple - the market works to take the uninformed money. The higher time frame chart is not bullish and before that can happen a decent length consolidation more often than not shapes up first. I have an area I am looking at for a long side trade but that is contained within the present range I think is shaping up.

Price broke a key trend line and is well below emas all of which are highly separated from one another. Buying here for a long time-horizon position is gambling in my book. Averaging down is the quickest way to the poor house statistically. I'd wait for confirmation that the bottom is in to increase odds of success. Can see evidence of the downtrend losing strength but again, I'd wait for confirmation signals.