Long

GALA short update

Updated

well you see if it keeps respecting this trend line from the 6 hr timeframe it can go up to the 1.618 which you see the target but that will take a few days maybe but it is a good time now to go long and then take again profit around that level we had before. Cause you see it did build some higher lows there and should go up even more and if you hold longer and move your stop loss accordingly you can ride maybe till this 1.618. If you see the trendline break get out of the trade and take your profits. Hope this helps.

Trade active

1.618 fib is at 0.04969 put your take profit slightly below it you should be fine, also check when at the last target if it gets higher if it pulls back again take your profit and reenter every time it gets back to that trendline which is still valid. Remember the basic rule the more a trendline gets touched the weaker it should get. So caution is the way here. Better wait for new entry signals check your rsi 3 and rsi 35 just as desccribed in the other posts. You can also use it in the opposite direction for shorts. On higher timeframes it is very realiable.

Trade closed: target reached

if it breaks that resistance around 0.04129 you can expect the 1.618 to play out if not you need to wait or check for the pullback target levels of the fib scale. ;)

Note

sorry trade would be still in play, I am not that familiar with the tradingview buttons here :D

Note

also the sar on the 6 hr timeframe is in long position so you can stay long right now, here on the 1 hour we are in short position sar cause it is still in that pullback phase for the next maybe 1 to 2 or 3 hours, check back tomorrow, maybe it then changes to long and reaches the levels there again

Note

trend line is broken, wait for new long signal confirmation of your ta and get in to the trade.
Next lower fib level is around 0.032 if I saw that correctly, should correct during mercury retrograde max to that level and the start getting back up, there has been kind of a long signal on the 1 hour but the 35 rsi was slightly below 50 so it is not that good of a signal but if you want to risk it you can try and go long again now or wait for a few more green candles and confirmation of the leg upwards.

J3D1M31ST4

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