Price retraced down and started to push back up, by using the fib retracement we can see that the level is at 61.8%, hence to why im speculating a long position. This is not to mention the expanded pivot confluence with the Fibonacci and kijun-sen.
Target is set at 161.8% but will be target dynamically adjusted once it passes 1.5 ratio
Third confirmation or the...
Applied negative extrapolation to plot the pitchfork on. Showed a good sign of respect. and because it reverses from the upper parallel and plus the fact that it's respecting the Fibonacci anchor points, I placed a short to the 0.5 ratio
The price will likely still continue to trend upwards until hitting the significant high. Therefore this is a quick trade...
Plotted an extrapolation anchor points and applied Newtonian reaction space which predicted reversal. And happened to be a hybrid fractal candle.
Placed my stop loss and fractal candle and take profit at around 50% Fib retracement. Not going down to the wash line as it's too far and I don't feel comfortable.
The pitchfork is angled for a long, and seems to be the beginning of a rally. I am not an expert at reversals but using the information provided by the Ichimoku, with the current bar most likely closing above the cloud and a clear headroom for Chikou span, I am looking to potentially ride this trend (if it happens).
Placed by stop loss where Kijun and kumo cloud rests at.
Multiple timeframe analysis using Ichimoku indicates that the price is entering a long trade.
Placed my order too quick instead of waiting for the candle to close for a clear picture.
Risk/reward is 2:1, not the best but looking to extend it if Ichimoku agrees.
My conclusion came from the fact that the buyer is exhausted as seen the continued LH, the Ichimoku indicator also suggests a downtrend.
Placed my order as shown in the chart. Looking for a 3:1 risk reward down to the ignition zone which I believe is an important Support/resist level.
Assuming there's Hargopian rule on this reversal, I am looking for the price to hit roughly around EMA200 + Median Line to see where it will go next. Kept my Stop loss just beneath Pivot, Also with the RSX and Stochastic, both are indicating a shift in vector.
Went for Long on this, confirmation by multiple failed attempts to cross over the rejection of both Pitchfork and support line, while also the Kijun-sen has been lagging behind only puts the cherry on top.