using my Fib retracement strategy measuring the 1.27 and 1.38 extension after a significant U or V shaped price pattern, if price closes below the the baseline, there is a very large possibility (historically tested in many instruments) that price hits 1.27 and perhaps 1.38
See particularly the 4H chart for clarity here.
See particularly the 4H chart for clarity here.
Note
I had opened 3 positions as entry price got better and target was not invalidated. SL ended up being widened a little in relation to original trade forecast, I was admittedly too conservative. Anyhow, all my 3 positions were closed for a nice 7% gain in this account, which I almost exclusively use to trade commodities and a little forex.
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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.