$PEPE :" AFTER RED SUNDAY, WAIT OR JUMP IN ???? "
Hi guys !!!.
Hopefully this Monday you will be happier in facing all the challenges of trading life.
Yesterday, we experienced what's called a Red Sunday.
It's pretty common — Sundays often see some profit-taking, maybe people are cashing out for a little vacation... 😎😎😁.
Looking deeper,
after the recent Break of Structure (BOS), we still haven't seen a strong Higher High (HH).
More importantly, there's no solid fullback yet to validate that HH.
Now, the price is approaching the Change of Character (ChOCh) zone, even entering the golden ratio area of Fibonacci — basically the discount zone.
But hold on...
Yes, we are seeing a strong rejection, forming a bullish pinbar.
But don't get emotional and jump in just because the candle looks pretty.
Pinbars need confirmation first.
If the market confirms this pinbar, then we can start thinking about possible entries.
However, if the price keeps dropping and breaks the latest Higher Low (HL), then the bearish potential becomes even stronger.
Remember:
It's not about who moves faster, but who moves wiser and more patiently.
Okay guys!!
Hopefully this brief analysis is useful for you to make your own analysis.
Stay focused, stay responsive, and stick to your trading plan and risk management.
Good luck guys!!!