A smooth Fibonacci Channel XAUUSD for Beginners
I still remembered my coach told me to find the evidence of any reversal signals and notice the change of price action on each individual bars. I labelled herewith a higher high (HH) to show an uptrend formation.
When we want to LONG, we look for any evidences to show many HH, and later the price action breaks the red down-trend line in this case (yellow spot). This is that simple.
Our target is to look for any pivots or consolidation to take our first profit. Then do another analysis separately. If you want a longer run for your profit, Fibonacci is your friend.
Simply apply a Fibonacci Channel correctly, you will know where the exit is.
Each time when we are at the end of phase 2 of an uptrend. We are preparing two-way setups.
Methods:
The bigger arrows in green and red, labelled as an UP (U) and DOWN (D).
If your LONG setup is triggered (a confirmed breakout maybe higher than resistance levels, and also price actions with many HH evidence), then you cancel your SHORT order.
If your SHORT setup is triggered (a confirmed breakout maybe lower than support levels, and also price actions with many LL evidence), then you cancel your LONG order
When we want to LONG, we look for any evidences to show many HH, and later the price action breaks the red down-trend line in this case (yellow spot). This is that simple.
Our target is to look for any pivots or consolidation to take our first profit. Then do another analysis separately. If you want a longer run for your profit, Fibonacci is your friend.
Simply apply a Fibonacci Channel correctly, you will know where the exit is.
Each time when we are at the end of phase 2 of an uptrend. We are preparing two-way setups.
Methods:
The bigger arrows in green and red, labelled as an UP (U) and DOWN (D).
If your LONG setup is triggered (a confirmed breakout maybe higher than resistance levels, and also price actions with many HH evidence), then you cancel your SHORT order.
If your SHORT setup is triggered (a confirmed breakout maybe lower than support levels, and also price actions with many LL evidence), then you cancel your LONG order