Basic markup with trendline, fibs and support/resistance levels.
Dashed is where I see price being liquid, solid is fib levels, and trendlines for resistance.
Price is shooting up the price to the fib levels shown. What do we know about the market? It makes 50% retracement.
Price on the Daily showed a bearish engulfing, which means in the future there will be bearish movement following it. We are trying to capture that movement up.
Dashed is where I see price being liquid, solid is fib levels, and trendlines for resistance.
Price is shooting up the price to the fib levels shown. What do we know about the market? It makes 50% retracement.
Price on the Daily showed a bearish engulfing, which means in the future there will be bearish movement following it. We are trying to capture that movement up.
Trade closed: target reached:
This trade has been completed 100% for me. We can see that the drawdown did happen (bearish move), which was a trap for sellers, since most would see it break the trendline.
I thought however drawdown is needed for a push, so I can take out all those who oppose, and if any held this position like I have then enjoy those profits!
I thought however drawdown is needed for a push, so I can take out all those who oppose, and if any held this position like I have then enjoy those profits!
Comment:
I just wanted to note here - 50% !