What should we do with this pricing vector? It's almost a perfect parallel price channel. Should we buy this support?
Are we going to see a rebound at this support level?
The price must climb above yesterdays lows and above this downward price channel on the very small timeframes before any rebound can possibly be confirmed.
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71351613 : that's how breakout traps are set, and I wouldn't trade on a
Earning Lunch Money : Hopefully next week able to rebound abit
SpyderCallOP 71351613: the market is definitely turning a bit bearish over the past few weeks. But for a day trader like me, you could always play the tiny swings on the intraday candles. Obviously the breakout didnt happen. No harm no foul.
SpyderCallOP 71351613: and technically it would be a potential rebound rather than a breakout. Less risk involved that way. Or cheaper premiums.
SpyderCallOP 71351613: Well, would you look at that. We are seeing a rebound off of that support line that I highlighted. Remember, not a breakout, but a rebound. So, this was not a breakout trap. It's just a predictable rebound.
SpyderCallOP 71351613: By the way, I am a swing trader, so this would have been a perfect little swing trade