The 1H chart shows that the price action is moving down. It is likely to go to 3.033 (i.e. 618 FIB Level) before rebound. Please note that I use the 618 Fib level as an guide and not precise buy/sell entry. That means, I do not enter the market now at 3.033 and hope it moves up. There have been times in other charts where I have seen the price action move way below 618 Fib level before it rebounds. This would means that my stop loss level has to be relatively high to cater to such unpredictability.
Once I know that this is the price zone to watch out for, I would track the chart at end of day and see the price action before deciding my next move. No need to constantly glue myself to the computer to track its movement (which I did in the past - a stressful and unfruitful experience)
Once I know that this is the price zone to watch out for, I would track the chart at end of day and see the price action before deciding my next move. No need to constantly glue myself to the computer to track its movement (which I did in the past - a stressful and unfruitful experience)
Comment:
I wish all my trades could follow this prediction so accurately, haha. What a nice shoot up only to pull back to the 3.033 level and rebound. Congrats to those who bought !