ACB Wait for the re-bounce
Updated
ACB had a huge increase in price together with a huge volume which is perfect setup for the trade.
With the decrease volume after the peak has reached, it followed and retested 2 support lines it has created during the run. It is very interesting that the supports follow exactly FIB at 0.3 and 0.5 and make a retest for 0.2 level.
By the movement of RSI going down after it almost hit overbought, there will be a bounce back to retest 0.3 and 0.5 FIB. I expect the 0.3 support to fail and retest 0.5 for a better entry.
This trade can be activated by 3 conditions
1. Price retest .5 and hold the price
2. Hammer candle confirm for the up trend
3. RSI hit almost or near RSI 30 and make a little bounce back.
With the decrease volume after the peak has reached, it followed and retested 2 support lines it has created during the run. It is very interesting that the supports follow exactly FIB at 0.3 and 0.5 and make a retest for 0.2 level.
By the movement of RSI going down after it almost hit overbought, there will be a bounce back to retest 0.3 and 0.5 FIB. I expect the 0.3 support to fail and retest 0.5 for a better entry.
This trade can be activated by 3 conditions
1. Price retest .5 and hold the price
2. Hammer candle confirm for the up trend
3. RSI hit almost or near RSI 30 and make a little bounce back.
Comment
bounce back at 0.2 FIB just happened
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.