My name is LILLOMATTE, I have been studying trading hardly for 2-3 months, I'm publishing my analysis in order to have some advice and recommendations to improve my trading experience. Happy to hear your opinions and ideas about it. Feel free to share it!
Leave a like if you liked the analysis and mostly if we reach our profit.
Many thanks
LILLOMATTE
Comment
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Be aware that the price could feel the support level and create a double bottom and restart the upward trend, dynamic trend line are not always a strong level to be considered. In this scenario we could have a reversal on the support zone and a retracement till the trend line before having a downward trend. That would be a good option to place our short with a very tight stop loss above the first support zone that has already been broken out. However that 50% retracement on the Fibonacci is quite a strong signal that the price is going to fall more.
Trade closed: stop reached
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if you want to see why this trade failed, jump on the weekly chart and draw the two major dynamic trend line and you will see why. It has been my bad to have not seen the bigger bigger picture. Trade
Be aware that the price could feel the support level and create a double bottom and restart the upward trend, dynamic trend line are not always a strong level to be considered. In this scenario we could have a reversal on the support zone and a retracement till the trend line before having a downward trend. That would be a good option to place our short with a very tight stop loss above the first support zone that has already been broken out. However that 50% retracement on the Fibonacci is quite a strong signal that the price is going to fall more.