This is an example trade following the strategy I posted couple of days ago (See link at bottom of page)
EMA 8 Close has crossed EMA 8 Open - With space between indicators (shows stronger move)
Volume has switched from bullish to bearish control on the WWV (Weis Wave Volume) indicator.
We have Lower Highs (LH) and Lower Lows (LL) continuing to form which shows...
Price showing bearish only daily timeframe after a timely retrace.
Only managed to reach 0.382 fib before bears have taken control back -> shows that the downward trend is still too strong
Expecting price to reach the previous swing low but could fall further
Will exit trade based off daily collective volume switch from bears to bulls
Price looks like it could reverse here.
Daily tf - exit and reentry of BB
10hr - bullish engulfing with new 50 tf low and rejection from this area
Huge potential take profit of 1:6.16 - which is set at the 50 time frame high