Recently we have seen some nice sequence entries, bouncing off the 1.618, and I see another one coming triple confirmed with more reasoning.
Notice the recent bounce off the previous high, so now is bearish, (purple bounce zone off 1.618 Also!).
Notice the ascending channel since it bounced bounced bullish off previous purple bounce zone.(sorry chart may not look that far back, see 4 hr)
Is now headed for the lower trend line of the ascending channel = good bounce zone
Measured the new ABCD bearish bounce for new purple zone buy = good bounce zone
3 previous Daily Trading zone lows very close to this price.
So
Confirms with:
50EMA
Trend line ascending channel
3 previous Daily Trading zone lows
1.618 retracement of previous up trend
Stop Loss includes 50 and 200 EMA to be your friend, so price can bounce off them.
Risk is calculated at 2% of account. always use calculator! NASH Markets is a good one
Target of $30 could be a 2-3 month hold but is 1:18 R:R
Roll stops to break even once price is at 50% in profit off bullish pullback and take 10-20% partials
Alert is set when price gets close to target = will review again before placing trade. but could be set up on buy Limit order
Hope this is educational and profitable!! Happy Trading!
Notice the recent bounce off the previous high, so now is bearish, (purple bounce zone off 1.618 Also!).
Notice the ascending channel since it bounced bounced bullish off previous purple bounce zone.(sorry chart may not look that far back, see 4 hr)
Is now headed for the lower trend line of the ascending channel = good bounce zone
Measured the new ABCD bearish bounce for new purple zone buy = good bounce zone
3 previous Daily Trading zone lows very close to this price.
So
Confirms with:
50EMA
Trend line ascending channel
3 previous Daily Trading zone lows
1.618 retracement of previous up trend
Stop Loss includes 50 and 200 EMA to be your friend, so price can bounce off them.
Risk is calculated at 2% of account. always use calculator! NASH Markets is a good one
Target of $30 could be a 2-3 month hold but is 1:18 R:R
Roll stops to break even once price is at 50% in profit off bullish pullback and take 10-20% partials
Alert is set when price gets close to target = will review again before placing trade. but could be set up on buy Limit order
Hope this is educational and profitable!! Happy Trading!