Hi guys,
this is one of the simplest setup that i trade. You can see price's created a new structure low, and now it is back to retest previous resistance that once broken could become support. After multiple red candles it's now formed a green candle right at that important level.
We can try a lonog, with stops just below the low, target1 at .618 of the previoous downward move, second target to be determined.
If you want to ask questions, feel free to comment below.
Otherwise, see you in the next chart!
this is one of the simplest setup that i trade. You can see price's created a new structure low, and now it is back to retest previous resistance that once broken could become support. After multiple red candles it's now formed a green candle right at that important level.
We can try a lonog, with stops just below the low, target1 at .618 of the previoous downward move, second target to be determined.
If you want to ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade closed: target reached:
First target hit! Stops to breakeven
Comment:
Check price action when it'll reach the yellow box, in case of opposing signal i'll exit:
Trade closed: target reached:
Exited the second position with roughly +500 pips:
