Unlike most, I'll admit when I'm wrong. But I'm not wrong, yet..
I anticipated with price falling below the MAJOR TREND LINE that we'd see a retest/confirmation and continue down. However, after the bounce off 0.5FIB and multiple candle closes back above that same MAJOR TREND LINE, I am not as certain of overall market reversal. I closed my short and open a long at $8877 and took initial profit of 25% my position at TP1. Moved my SL to break even and if we close below $8800-8900.
If price continues heading up and breaks the next MAJOR TREND LINE, looking for my next TP between $9300-9600. Should this happen, I'll be convinced that this was just a bounce/dip and will be looking for a small drop back to current levels $8900-9100 allowing for me to add to my long position before price continues up.
If price hits and cannot break through $9200 (0.382 FIB) and the MAJOR TREND LINE but breaks down from this level, I'll let me SL hit at break even around $8900 and look to re-open my short position anticipating continuation downward and an overall market reversal. I'll be looking for my first TP around the previous swing low ($8500) and the next TP around the 1.272 FIB EXT $8200.
If price continues heading up and breaks the next MAJOR TREND LINE, looking for my next TP between $9300-9600. Should this happen, I'll be convinced that this was just a bounce/dip and will be looking for a small drop back to current levels $8900-9100 allowing for me to add to my long position before price continues up.
If price hits and cannot break through $9200 (0.382 FIB) and the MAJOR TREND LINE but breaks down from this level, I'll let me SL hit at break even around $8900 and look to re-open my short position anticipating continuation downward and an overall market reversal. I'll be looking for my first TP around the previous swing low ($8500) and the next TP around the 1.272 FIB EXT $8200.
Trade closed: target reached