Remember the bullish M pattern or XABCD? well, I think this might play out.
If the bottom is in (130.75), I'll look for the pattern to form and go heavy on longs; targeting 134.5.
Side note: look how the 161.8 fib extension aligns with the target, unbelievable.
Trade parameters.
Entry: 131.5
Stop: 131.1 (400 points)
Target: 134.5 (3000 points)
R:R: 1:7.5
Always wait for the perfect entry in order to avoid losing money.
If the bottom is in (130.75), I'll look for the pattern to form and go heavy on longs; targeting 134.5.
Side note: look how the 161.8 fib extension aligns with the target, unbelievable.
Trade parameters.
Entry: 131.5
Stop: 131.1 (400 points)
Target: 134.5 (3000 points)
R:R: 1:7.5
Always wait for the perfect entry in order to avoid losing money.
Note
OK, so the M played out perfectly, now expecting to see a run into 134-134.5.I'm already positioned.
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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.