Had this idea earlier.
I see a little pullback down to 0.5 fib before heading upwards again towards the weekly resistance level. If price crosses 1.30639 before that, this trade is invalidated.
I see a little pullback down to 0.5 fib before heading upwards again towards the weekly resistance level. If price crosses 1.30639 before that, this trade is invalidated.
Note
Price has finally pierced the 0.618 fib line and held below. Looking good so far. As price reaches the target area (orange box), I will start looking for signs of weakness. My gut says price could go further down to 1.20x area but I think 0.5 is an area to watch closely.
Note
Looks like I jumped the gun. It has not held below the 0.5 fib line (yet?). We'll see soon enough.Note
Looks like it did indeed hold below and has reached the target zone. Looking for an exit right around here.
Trade closed: target reached
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.
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.