Price Action27 Jan 2022 05:01
Just randomly happened to look into EQT and have read the posts here. From a neutral standpoint I can see where Swazer is coming from as a chartist. There is no denial that price action has been in a year long downtrend (higher highs and higher lows). You either accept that or be in denial but Price Action right now prevails. Price matters most. It is your scoresheet. Accepting it hurts and yet so does denial but the outcome remains the same. There are many times when the market appears to be acting "Irrationally" and that unfortunately, becomes the basis for those invested here (with hard earned money) to collectively group together by imposing their beliefs on the market. When you question the markets actions against your convictions YOU will typically experience (suffer) capital drawdowns rather than listen objectively and follow price action. Take caution from this trap, many have ignored and the statistics show investors suffering losses when as Keynes infamously wrote " The markets can remain irrational longer than you can stay solvent. That is a scary truth, and it puts an exclamation point on the importance of Price action alone.Now back to the chart. I would look for price dipping below 1.00p why: The market will understand that is a key pricing support level and investors will have mental or hard stop losses below this psychological round number. It is just how the market works. I am not invested in this, have no agenda to put a price down, do not enjoy seeing people lose money. Hopefully, your convictions will come forth and whenever that maybe I have set an alert for 1.50 to reassess as by then the TREND should be sloping up. That is my friend and I would recommend you make it yours too. https://www.tradingview.com/chart/r0HFGGza/ p.s geez that's a long post and I expect you to slate me for sticking my nose in :-) but I can take that. Be Kind.
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