Now i have your attention... everyone loves a good joke.
I wanted to post this analysis to show a couple of things. Firstly, as you'll see from my other setups my chart never really looks this messy as i like to keep it as simple as possible. We had however some conflicting information on the chart where we started to form a 'Wedge' this is where you find a bullish trend and a bearish trend meeting each other.
However, i stuck to the original analysis of the bearish move that we could see happening and if you look on the 61.80% fib we can see this rejected nicely. My inital entry was off this circled level due to previous price action we could see. My stops allowed price to come back past the 61.80% and past the previous high to allow price to test which it did.
Now we can see what happened. Price fell from this level and is continuing to do so. There COULD be opportunities for us to get in another position on the retest of this bullish trend but i would like to see price action prior to making any decision on opening another position.
I guess my point of this share was to remind you to always trust your analysis and trade what you see rather than over complicating things for yourself.
I wanted to post this analysis to show a couple of things. Firstly, as you'll see from my other setups my chart never really looks this messy as i like to keep it as simple as possible. We had however some conflicting information on the chart where we started to form a 'Wedge' this is where you find a bullish trend and a bearish trend meeting each other.
However, i stuck to the original analysis of the bearish move that we could see happening and if you look on the 61.80% fib we can see this rejected nicely. My inital entry was off this circled level due to previous price action we could see. My stops allowed price to come back past the 61.80% and past the previous high to allow price to test which it did.
Now we can see what happened. Price fell from this level and is continuing to do so. There COULD be opportunities for us to get in another position on the retest of this bullish trend but i would like to see price action prior to making any decision on opening another position.
I guess my point of this share was to remind you to always trust your analysis and trade what you see rather than over complicating things for yourself.