V (Visa) is making corrective moves along with overall market. Assuming we "bounce" and don't go into a full blown recession this is a concrete trading idea for when to go long. While V could arguably correct from here at the 618, I believe we are in for further downside. Targeting the 786 retrace of the latest swing makes sense.
Why take it this? Excellent reversal idea with solid risk to reward. (1:3 TP1 and 1:4 TP2)
Entry: 192.45 - Long from longer term support zone and when market conditions look favorable for a bounce
Stop loss: 184.7 - Lower low (market structure continues with the LL LH path, idea is invalidated)
TP1: 217.6 - s/r level
TP2: 224 - s/r level
PS... Since I expect a reaction here at the 618 ($198), if you wish to short you can enter short off the psychological $200 level (0.5 fib) back down to the long entry target. I would argue this trades with current trend direction even better but I know how psychologically many have a hard time shorting.
Zoomed out view of setup
Why take it this? Excellent reversal idea with solid risk to reward. (1:3 TP1 and 1:4 TP2)
Entry: 192.45 - Long from longer term support zone and when market conditions look favorable for a bounce
Stop loss: 184.7 - Lower low (market structure continues with the LL LH path, idea is invalidated)
TP1: 217.6 - s/r level
TP2: 224 - s/r level
PS... Since I expect a reaction here at the 618 ($198), if you wish to short you can enter short off the psychological $200 level (0.5 fib) back down to the long entry target. I would argue this trades with current trend direction even better but I know how psychologically many have a hard time shorting.
Zoomed out view of setup
Trade closed: stop reached
Breaking the lower low here invalidates this idea (for me) for now. The LH/LL pattern just isn't something I want to be a part of. It might have a relief, but I think that will be short lived.
❤️ Premium indicator subscription @ Whop includes: Mojo Levels, Manipulation Model, Super Oscillator, VIX Meter, and Volatility Radar
🔗 whop.com/c/upslidedown/t use discount code FRIENDOFUSD for 20% off FOREVER
🔗 whop.com/c/upslidedown/t use discount code FRIENDOFUSD for 20% off FOREVER
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.
❤️ Premium indicator subscription @ Whop includes: Mojo Levels, Manipulation Model, Super Oscillator, VIX Meter, and Volatility Radar
🔗 whop.com/c/upslidedown/t use discount code FRIENDOFUSD for 20% off FOREVER
🔗 whop.com/c/upslidedown/t use discount code FRIENDOFUSD for 20% off FOREVER
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.