Or a downward-sloping continuation flag with an intact bottom and a final test of the total breakout formation. Very aggressive. Short-term technical formations - it's so often in the eye of the beholder -bah!
Nothing wrong with your reasoning. I just don't like risk, and always look for the high probability trades. I would wait for the bounce before buying. GFI RSI is terribly oversold and MACD looking like it's turning upwards and we seem to have found a bit of support, and momentum picking up. This could be the bottom. I'll wait a day or two for confirmation.
It's on support - that's why I started buying here. As I said - I don't really care too much. Support is at R106-4,5 THEN 102,5-100 then 96-98 then really every R2. What is the point of playing that game. Conditions will determine if I increase my position size or just "ride it out."
you will never get the bottom or the top, so just get the middle. You will know if that level is support is if it supported, so entry will always be away from support. So wait for support to be support, then enter. Yes, the move might be close to the end but not always if you trading with the trend. Good money managemnent and you only have to be right one in every 3 trades. I know you know this THRESHOLD, but start believing it?
BUT I am happy with the position. It is not a pure trade - as I said. So I care even less about getting the nth degree of accuracy. Anyway,from a longer term perspective - as you know - there is no TOP or BOTTOM - only waves within endless waves. The rest is the madness of the traders.