This trade was taken based off of S/R levels, formations, and divergence.
Yellow Line = Weekly Level
Pink Line = Daily
White Line = Monthly
The closures over the last 2 days created a bouncing off of the Weekly .
This bounce also resembles the beginning of a double-top chart pattern, and shows the strength of the Weekly resistance.
Finally, Tenkan-sen and Kijun-sen have a vast amount of distance between them. This is a sign of divergence, as well as the scale.
I do also hold the belief this could be a setup for a longer-term buy. This is why I have my Fibs on. I'm also using them as TP markers.
My price entries, SLs , and TPs are all based on my broker.
Let see what happens!
Not too much to say on this one. Followed the plan, worked my system and practiced my patience.