20 MA was broken last week and confirmed this week on weekly chart, which means there will be more downside movement. Of course we will experience bounces during this process. I also entered a small long position on Friday and I set a tight stop in case the expected bounce is not coming.
Just follow Croba's signal, catch the trend and overcome the mental obstacle (I am still working on that). To be honest, I entered short too early and exited too early. I should have kept my short position.
Just my 2 cents.
to defend myself, or to explain:
I am always cautious, maybe too cautious. I am fine with that. You should have your own risk tolerance level.
I was not comfortable that everybody was talking about the hammer. Again, being cautious does not hurt, even you want to get long. Being over euphoria is not good at all.
You can find a lot of such examples in the last 2 years, where a hammer did not work. In a down trend, it happens a lot, until the last one at the end of the down trend.