Market Ananlysis from Classical method - price action
Price action - the classical method of analyzing the market. So here at CTSIUSDT pair 15 min chart timeframe ,which is perpetual binance futures chart, the market was almost at its support area when i took a trade at exact price of 0.1284 ...
The market was previously in a uptrend and it broke the resistance zone, which i drew as the purple zone. Then the market made that zone as a support and continued the rally of uptrend.
When the market was making some sustainable candles close to the support zone, i went for the trade and set the stop loss at just below the support level at price 0.1273
Now, the question is, how far it can go to the upward direction?
I used the classical Fibonacci Retracement tool to find this out. Considered the last swing wick to wick levels. The market went exactly for the strong level 2.618 and respected the resistance level.
I am taking trailing profits. Just took 40% shares profit at 2.618 level and also set the stop loss little bit higher. Hoping for the market to go for 0.1320
-Asif Hassan Risan
13 september,2024
The market was previously in a uptrend and it broke the resistance zone, which i drew as the purple zone. Then the market made that zone as a support and continued the rally of uptrend.
When the market was making some sustainable candles close to the support zone, i went for the trade and set the stop loss at just below the support level at price 0.1273
Now, the question is, how far it can go to the upward direction?
I used the classical Fibonacci Retracement tool to find this out. Considered the last swing wick to wick levels. The market went exactly for the strong level 2.618 and respected the resistance level.
I am taking trailing profits. Just took 40% shares profit at 2.618 level and also set the stop loss little bit higher. Hoping for the market to go for 0.1320
-Asif Hassan Risan
13 september,2024
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