Gold on the D1 chart. Price has stepped on 38.2 of the Fibonacci retracement. As the price starts rising we can go in a Long position. 1st Target can be set at Resistance price 1917. If resistance breaks we can expect to achieve our 2nd Target price 2008. Stop loss is at Support price 1754. Stay with the market, lets see what happens
I always see people post charts with the fib retracement drawn the other way. Do you know the right way to draw it is from the start of the move to the end of the move? Which means 100 should be at 1676 and 0 should be at 1917. As it retraces down, it will break 23.6, 38.2, 50, 61.8 accordingly. You're doing it the opposite and thinking you found gold, no pun intended.