Long

CHZ Possible bounce in Fib Golden pocket area

Updated

Has retraced to a Fib Golden pocket area after making a local high.

Awesome Oscillator and RSI look to be printing Bullish divergence on the 30m. Wait for confirmation.
Look for longs in this area WHEN YOU SEE A SIGN OF STRENGTH - (i.e. swing failure pattern or morning star candle pattern)
Possible Double bottom at Orange circle area.

If no sign of strength and price falls through this golden pocket area (0.618 and 0.66 Fib), do not enter as market structure would have been broken.

When price hits the short stops area, expect price to shoot up as those shorts covering will re enter the market as longs. These can be used as TP areas.
Tight stops

Not financial advice. DYOR. Papertrade before using real money

Note

We got our bounce off the 0.618 fib on the 30m
If the next candle can close above 0.11295 we have a morning star candlestick pattern that normally signifies an upward move

Note

1hr Morning star pattern confirmed 13:00 UTC
TP 1 reached (green box 1 - Short Stops)

Note

TP 2 Hit (Green box 2 - Short stops)

Trade closed: target reached

TP 3 Hit (Green box 3 - Short stops)

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zartraderguy

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