I know its killing you... wanting to jump in here.... but it is simply just to aggressive of a trade right now. Even though there was a weekly pinbar, which is an aggressive trade signal, it is simply too aggressive for me based on the position.
Sure we are at the lower end of the range, but we are not at an extreme.
If we were trading at a more comfortable level in the 50's and this showed up, I would consider a more aggressive trade. Just like the QQQ trade I am in, its still aggressive because the prevailing momentum is against the trade, but the position and R:R make it a risk I am willing to take.
So need to be patient here. We get another pinbar on the weekly or some other structure that is showing we are likely bottoming here, then I will consider a trade. Until then need to simply be patient here.
Sure we are at the lower end of the range, but we are not at an extreme.
If we were trading at a more comfortable level in the 50's and this showed up, I would consider a more aggressive trade. Just like the QQQ trade I am in, its still aggressive because the prevailing momentum is against the trade, but the position and R:R make it a risk I am willing to take.
So need to be patient here. We get another pinbar on the weekly or some other structure that is showing we are likely bottoming here, then I will consider a trade. Until then need to simply be patient here.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.