It is indeed subjective.
That area that you've marked the blue line from was actually from a bounce on a demand level, so I wouldn't necessarily call it a fakeout. (I appreciate that you're not looking at the entire chart here for overall context!)
As such, we've dropped below that blue line you've drawn too, but I'm interested to see how it plays out. I can certainly see why you've picked that line.
"we've dropped below that blue line" so I'd be making money right now ? sweet ! lol
No, the opposite. You said it would bounce off support and head up ;-)
ah, but I didn't say I would buy, I said I would put a sell stop below the blue line, so I'd be short right now... he he
So you did, my mistake!
no worries, I'm 100% contrarian. I know it's easy in hindsight (like all the gurus do..), but I would also have shorted that part I called a fakeout, when it broke back under the blue line.
Most people would have went long on that breakout, so I would've had a sell stop under that line and pick up all those sweet stop losses when people panicked. Look at all those lovely red candles of pain immediately after, yummy ! lolol
I would've exited just a bit lower, where there's a bit of a line up with a previous wick. But yes, if you've got the correct zones marked, it makes everything a hell of a lot easier!
I take it you're more of a price action rather than indicator trader ? I'd say I am, for sure. Price action that is.