Gala appears to have possibly put in its ABC correction, bouncing at $0.03719, which narrowly missed my 0.618 Fibonacci target of $0.03592 from my previous analysis. I have a buy order placed at $0.03493, and the price has since rebounded to $0.040, a level that has acted as a point of support for some time.
What’s Next?
This level could mark the bounce area, but I’m holding off on entering the market until I see clearer confirmation on the charts. My approach involves dual time frame momentum trading, where I align trades with the direction of a higher time frame and identify entries on a lower time frame. Currently, none of the time frames are aligning to signal a good entry, which suggests the market may still be in the correction phase.
I’m keeping a close eye on the 4-hour chart for signs that the correction is concluding. Based on the current price action, I believe we’re either at the end of the correction or very close to it. However, my buy order at $0.03493 remains active.
Let’s see if the price moves back down to hit that level. Fingers crossed!
What’s Next?
This level could mark the bounce area, but I’m holding off on entering the market until I see clearer confirmation on the charts. My approach involves dual time frame momentum trading, where I align trades with the direction of a higher time frame and identify entries on a lower time frame. Currently, none of the time frames are aligning to signal a good entry, which suggests the market may still be in the correction phase.
I’m keeping a close eye on the 4-hour chart for signs that the correction is concluding. Based on the current price action, I believe we’re either at the end of the correction or very close to it. However, my buy order at $0.03493 remains active.
Let’s see if the price moves back down to hit that level. Fingers crossed!
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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.