Rules of Engagement Price is at a 200% extension of the previous swing on the Daily chart A 1-2-3 pattern has formed on the 1hr or 4hr chart ie. A prior swing high has been taken out by price action confirming our entry.
Analysis Price at Daily support and order flow is forming a fractal. Sellers are taking profit and the Bulls are looking at an entry as price is at 2014 weekly support. Price has formed a higher high and on the lower time frame chart forming a change of trend on the 1hr. This gives an opportunity to understand our risk and set our stop under the last swing low. Once the swing high at the 79.39 is taken out and a candle closes above this level we wait for a pullback then enter.
Entry: 79:39 Stop: 76:10 Target #1 : 80:83 -127% extension of the first move after the final leg down & 38.2% Retracement Target # 2: 81:02 -161.8% extension.