My Fail. Trying to move forward.

[lightninboy]

ironchef made some good points. If you expand your chart, you see the 200-day moving average is sloping down. If you added the 100-day moving average, it was sloping down too and where the price hit resistance. Can't ignore the trend. If you're buying downtrending instruments, then IMO you generally need to make sure you're buying at extreme, low-risk levels, rather than using breakout strategies.

View attachment 188950

Basically, as long as it's below the 200-day moving average it doesn't have a leg to stand on.

 

[ironchef]

that all makes sense now.

A very wise man, MrScalper, taught me to only look at price charts, without all the clutters from indicators.

Of course you can use indicators if you are very skilled in the arts of reading indicators, which I am not.