Once again guys, we have another beautiful set up here.. oh btw, if you don't follow me already.. HIT THAT FOLLOW BUTTON.
Right,Right.. Let's dive into the technicals. We have a nice Bullish run before price reaches that point of resistance where price starts to retrace bearish. As you have probably gathered, my strategy is simple and I would recommend everyone who is trying to find their strategy to keep it simple. That's the trick. The profitability is in the simplicity.
50% Fibo retracement is marked at the grey line which is my entry for this trade. I have risked 1%. This is calculated by the number of pips from my entry to my stop loss and then multiplied by the cost per pip ( i.e. 160 pips x $8.80). Bullish divergence is present and take profit as been marked too.
Happy trading all and remember to hit that follow button :) Malika K