Simple buy entry, on .382 fib retracment, target a fib extension and median line. Tight stop, great risk reward ratio. Buying against crowd sentiment. Pretty confident.
** trade at own risk.
Comments
ForceFollower
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It looks like the up trend is resuming. Are you still in?
FaultyKid
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Got stopped out, got in too early, with out a good stop. Need to patient like this pro I know! ha ha
ForceFollower
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The bullish candle gives a lot confidence in a potential follow-through. However, the magnet (median line) has served its purpose, so now it may act as a rejective force. As you have marked on the chart, price has found resistance at the prior high - that's another barrier... That's why I'm waiting on the sidelines. Let's see how it develops though.
FaultyKid
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Could I call this market structure support? from a previous valley.
ForceFollower
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Well, I don't know what that marked area should mean. :) What I know though is that the high of the 20th May along with the high of the 14th May have provided now a switchback support.