Someone is giving up on $LR.
And he is looking for another stock where he can park his money.
This prompted me to look into the stock's chart.
And here's what I found.
Based on its Weekly Time Frame, the stock has already completed the downtrend impulse series of waves. In fact, it has also completed the uptrend corrective waves and thereby the entire market cycle of the stock is now complete. This is exactly the time every trader is waiting for to employ their precious capital. I suspect that its current movement instead of viewing it as a resumption of downtrend is actually finding a floor in preparation for the uptrend rally. It is just unfortunate that not a few traders leave a stock in the time that they should be adding more shares.
I just wonder now about the wisdom of that popular trading advice "buy low, sell high!" Many traders today do the exact opposite.
See $LR's chart from the Weekly Time Frame:
And here's $LR's chart from Daily Time Frame:
Wave 2 is now looking for its low...
I will be including this stock in my watch list.
Once I see the low has been placed and the reversal price bar appears, that's the time to deploy my capital.
And he is looking for another stock where he can park his money.
This prompted me to look into the stock's chart.
And here's what I found.
Based on its Weekly Time Frame, the stock has already completed the downtrend impulse series of waves. In fact, it has also completed the uptrend corrective waves and thereby the entire market cycle of the stock is now complete. This is exactly the time every trader is waiting for to employ their precious capital. I suspect that its current movement instead of viewing it as a resumption of downtrend is actually finding a floor in preparation for the uptrend rally. It is just unfortunate that not a few traders leave a stock in the time that they should be adding more shares.
I just wonder now about the wisdom of that popular trading advice "buy low, sell high!" Many traders today do the exact opposite.
See $LR's chart from the Weekly Time Frame:
And here's $LR's chart from Daily Time Frame:
Wave 2 is now looking for its low...
I will be including this stock in my watch list.
Once I see the low has been placed and the reversal price bar appears, that's the time to deploy my capital.
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