RSR Update - We nailed the trade, now what?RSR - Reserve Rights: This is a long idea that I will take IF and only if we get the criteria I have set out on the chart in the box.
For me to take a position I need to find as many reasons as I possibly can - to keep the chart simple and clear I have left some lines/indicators off otherwise it looks like you're just trying too hard lol.
My points for me are on the chart in a square box, those are the rules I want to be followed for my long trigger.
It's simple, if I don't get them I don't take the trade. I know we are all eager to trade and make back whatever was lost in the bear market, but patience in these times is SO crucial to preserve capital for the bullrun.
Anyways, thoughts are on the chart. There is also a downward trendline I noticed that is not on this chart (taken from previous peaks) which can add a LITTLE more confluence, but I don't really like diagonals so I left it off the chart.
My previous trade on this was a short, and we came right down to where I wanted to see it, the trick is to look at a chart for a while to formulate new analysis. It is not enough to do TA and leave it be for days on end, PA gives us more data to work with and therefore more information to solidify or weaken our thesis. Now that this idea is updated, I will not change my opinion of it until price action tells me something new.
Stay frosty, hope you find this helpful.
Cheers
V
