Updating the EU sale idea
First of all, I built a Fibonacci extension to determine the key level (potential reverse point).
The key level is 50% of HL and LL (marked with violet circles)
From these levels, I built a Fibonacci correction, and identified a sell zone that is at the levels of 50-75% of the Fibonacci correction. Again, these levels are ideal for the marked key level.
Then I wanted to see the reaction to the sell area (the bearish daily candle that is in the circle).
After I saw this candle, I once again built a Fibonacci correction from the maximum and minimum of the formed candle to determine the entry points (50%, 61.8% and 75%).
But as you can see, three days later the price reached my stop loss.
However, two days after December 15th, another bearish candle was formed.
Therefore, I repeat the steps to determine the entry points to the short.
As you can see, the price has not reached the first entry yet - 1.06644, so we are waiting.
I assume that the bearish trend has already ended, so my TP is 50% of the buy zone
Good luck :)
First of all, I built a Fibonacci extension to determine the key level (potential reverse point).
The key level is 50% of HL and LL (marked with violet circles)
From these levels, I built a Fibonacci correction, and identified a sell zone that is at the levels of 50-75% of the Fibonacci correction. Again, these levels are ideal for the marked key level.
Then I wanted to see the reaction to the sell area (the bearish daily candle that is in the circle).
After I saw this candle, I once again built a Fibonacci correction from the maximum and minimum of the formed candle to determine the entry points (50%, 61.8% and 75%).
But as you can see, three days later the price reached my stop loss.
However, two days after December 15th, another bearish candle was formed.
Therefore, I repeat the steps to determine the entry points to the short.
As you can see, the price has not reached the first entry yet - 1.06644, so we are waiting.
I assume that the bearish trend has already ended, so my TP is 50% of the buy zone
Good luck :)
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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.
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.