I'll also add, as a trader you need to be prepared to be wrong, a lot. Charts put in similar patterns all the time, but that doesn't mean they will resolve in the same manner.
The falling wedge on the Nova chart for instance, given what we know about falling wedges occurring in a downtrend, I'd expect it to reverse the trend and start a new up trend. But this isn't guaranteed, it could fizzle out and continue downward to sub 10c (no-one knows, they're only probabilities).
If I decided to take a position here a suitable stop loss and position size would protect from a catastrophic loss. If it continues down, then a loss is a loss and we look ahead to the next 1,000 trades, no need for an ego to be involved, we don't need to make a revenge trade to get the money back stolen by Nova etc. etc.
Get used to being wrong. It's one lesson that every participant gets from the market, when you take it is up to you.
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I'll also add, as a trader you need to be prepared to be wrong,...
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Last
14.0¢ |
Change
-0.005(3.45%) |
Mkt cap ! $34.09M |
Open | High | Low | Value | Volume |
15.0¢ | 15.0¢ | 14.0¢ | $66.62K | 463.8K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 3165 | 14.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
17.0¢ | 35000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 3165 | 0.140 |
4 | 106296 | 0.135 |
8 | 205446 | 0.130 |
4 | 179600 | 0.125 |
6 | 172069 | 0.120 |
Price($) | Vol. | No. |
---|---|---|
0.170 | 35000 | 1 |
0.175 | 50000 | 1 |
0.180 | 5000 | 1 |
0.190 | 29368 | 2 |
0.200 | 15781 | 1 |
Last trade - 16.10pm 29/07/2024 (20 minute delay) ? |
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NVA (ASX) Chart |