In this setup, it's simple.
The main trendline (Descending Trendline) has been broken, and the price reached the key resistance. So, now i am expecting a Correction from this Rejection to go for a 50% Fibonacci retracement tool of the level which broke the main trendline before we can go long for 600+ pips heading for the next Key Resistant Level.
This is for Position Traders!
For Swing traders, The sellers are currently in control as the market is making a correction of the impulse. We hit TP at 50% of the level which broke the trendline, (The level appears nicely on weekly Time Frame - TF)
Then, when on 50% correction, we go for buys just like Position Traders and have multiple Take Profits on the next available levels on 4hour and Weekly TF.
Cheers.
And happy Trading.
The main trendline (Descending Trendline) has been broken, and the price reached the key resistance. So, now i am expecting a Correction from this Rejection to go for a 50% Fibonacci retracement tool of the level which broke the main trendline before we can go long for 600+ pips heading for the next Key Resistant Level.
This is for Position Traders!
For Swing traders, The sellers are currently in control as the market is making a correction of the impulse. We hit TP at 50% of the level which broke the trendline, (The level appears nicely on weekly Time Frame - TF)
Then, when on 50% correction, we go for buys just like Position Traders and have multiple Take Profits on the next available levels on 4hour and Weekly TF.
Cheers.
And happy Trading.