Alibaba (BABA) looking pretty rough here with a confirmed head and shoulders pattern playing out. At this moment, it looks like price is attempting to break below its long-term trend-line and if that holds, then it sets up for a retest of its trend-line from ’22. The sector it is trading in, discretionary, doesn’t reflect this weakness, but specialty retail absolutely does, just not to the same extent.
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Refusing to take a loss when the trade has turned, and the reason for getting into the trade in the first place is no longer valid, is one of the biggest problems traders face. In this video, Ryan Mallory discusses the pitfalls that comes with refusing to take the loss and instead opting to become a bagholder on one's trades.
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