I saw (TIVO)'s upper shadow on the 4th and 5th bar (see circled), and I thought that must be the resistance level. I didn't enter to Short because I was not too sure of my own observation. Therefore, I decided to observe (TIVO) for the rest of the day to see if it turns out to the way that I thought.
My initial target was at the Opening Low of the day. I don't know if I would be bothered by the long lower shadow of the 7th bar. Chances are... I might.
Then again, the ultra long lower shadow of the 9th bar, would have, once again, prompted me to take profit.
Although this is a potential winning trade, I would still like to learn how to interpret the 7th and the 9th bar. Your observation is fully appreciated!
My initial target was at the Opening Low of the day. I don't know if I would be bothered by the long lower shadow of the 7th bar. Chances are... I might.
Then again, the ultra long lower shadow of the 9th bar, would have, once again, prompted me to take profit.
Although this is a potential winning trade, I would still like to learn how to interpret the 7th and the 9th bar. Your observation is fully appreciated!
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