We have many reasons to enter long trade at this level:
1. Previous lower area was (somehow) tested and rejected with low at 8.9.
2. Currently ETC is fighting around 61.8 Fib level, which acted as support two times in the past.
3. We can draw Gartley pattern, where level of point D corresponds to longer time resistance line.
Trade setup:
- entry 10.50 (or optional on breakout at 11.00)
- stop loss at 10.20 (just bellow point C)
- final target bellow point D, so bellow 16.00, which will act also as psychological resistance (and of course some profit taking on the way)
1D chart:
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
1. Previous lower area was (somehow) tested and rejected with low at 8.9.
2. Currently ETC is fighting around 61.8 Fib level, which acted as support two times in the past.
3. We can draw Gartley pattern, where level of point D corresponds to longer time resistance line.
Trade setup:
- entry 10.50 (or optional on breakout at 11.00)
- stop loss at 10.20 (just bellow point C)
- final target bellow point D, so bellow 16.00, which will act also as psychological resistance (and of course some profit taking on the way)
1D chart:
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Trade active
Comment:
1/3 of trade closed here, stop loss for remains raised to entry level.
Trade closed: stop reached:
2/3 of trade closed at stop loss at 10.50.
