Disclaimer: If you think this chart is a mess, you are wrong. Here, we are dealing with lots of fibonacci lines to find confluence at specific zones we want to trade. As we want to maximize our profits, we want to trade at highest possible risk reward ratio. As this is a game of possibilities, our job is to find specific zone with highets probability to make price reaction.
We are currently moving above 1203 support area and moving in a triangle range which is always difficult to identify. So we should be prepared for all possible outcomes. If 1203 zone hold the price above, we should be heading to 1245 zone. 1245 zone didnt offer any support during that intense fall, it is reasonable to expect it will turn into resistance zone. Therefore, we want to be ready for trading AROUND that zone. Yes, we cant say for sure that 1245 price will directly affect the price, we need to be carefull with wicks that could be left above the zone. If the price fails to break that resistance zone, we should be preapred for more downward movements. I will keep ypu updated.
Happy trading :)
Tools:
- Fibonacci retreacement
- Fibonacci extension
- Pitchfork (All types)
- Trend lines
- RSI
- EMA fibonacci numbers
If you take closer look, you can see how price respects the lines. If the trade analys is good, we can find a place where the top/bottom of the wick will happen, therefore place an entry buy/sell order and let the magic happen :)
We are currently moving above 1203 support area and moving in a triangle range which is always difficult to identify. So we should be prepared for all possible outcomes. If 1203 zone hold the price above, we should be heading to 1245 zone. 1245 zone didnt offer any support during that intense fall, it is reasonable to expect it will turn into resistance zone. Therefore, we want to be ready for trading AROUND that zone. Yes, we cant say for sure that 1245 price will directly affect the price, we need to be carefull with wicks that could be left above the zone. If the price fails to break that resistance zone, we should be preapred for more downward movements. I will keep ypu updated.
Happy trading :)
Tools:
- Fibonacci retreacement
- Fibonacci extension
- Pitchfork (All types)
- Trend lines
- RSI
- EMA fibonacci numbers
If you take closer look, you can see how price respects the lines. If the trade analys is good, we can find a place where the top/bottom of the wick will happen, therefore place an entry buy/sell order and let the magic happen :)
