In the last post, a symmetric triangle was identified, after resistance break an immediate target was achieved, at next major resistance.
However, this resistance zone was not pose any resistance at all, so we could see a price rally to higher levels, and DMI confirms it. RSI and Stochastic (not shown) look overbought.
Market is currently struggling at the 0.786 Fibonacci Extension level. This could be a new entry level if broken towards the next resistance level at 1 Fibonacci Extension.
Next major resistance zone begins near $0.57. It seems unlikely to reach this level short term.
Trades could be opened right now at a 1.79 Risk/Reward ratio or even better, wait for a short term reversal and entry after uptrend is confirmed again. This would increase the Risk/Reward ratio.
However, this resistance zone was not pose any resistance at all, so we could see a price rally to higher levels, and DMI confirms it. RSI and Stochastic (not shown) look overbought.
Market is currently struggling at the 0.786 Fibonacci Extension level. This could be a new entry level if broken towards the next resistance level at 1 Fibonacci Extension.
Next major resistance zone begins near $0.57. It seems unlikely to reach this level short term.
Trades could be opened right now at a 1.79 Risk/Reward ratio or even better, wait for a short term reversal and entry after uptrend is confirmed again. This would increase the Risk/Reward ratio.
Comment:
Possible reversal from 0.4
Short term triangle break on weak volume
Trade closed manually:
TP near 0.38 and exit