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Lucid TA @Lucid_TA
, 5 tweets, 1 min read Read on Twitter
I've been astounded by the amount of people trying to trade long these past few days.

Near term trend is down, mid term trend is down. The only real reason given is that "yearly support has held 4 times previously, therefore it will likely hold again".
It seems as though these individuals must be viewing that idea in isolation. In proper context, there is really nothing bullish about recent PA.

Even if one were determined to trade this long, it'd make a lot more sense to wait for a NT uptrend before entry at the very least.
Trying to catch falling knives when momentum is so strongly against your favour is not a winning strategy long term.

Though it has yet to close, the weekly candle has consumed 2 (almost 3) weeks of gains in around 4 days. Brutal.
In my view, choice supportive bias is heavily influencing CT.

Since many are net long, people readily accept perspectives that support their investment decisions, and tend to reject (or at least underweight the significance of) anything to the contrary.
Both content creators and consumers are guilty of this. Be aware of your own biases and strive for objectivity!
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