- Strong previous support level
- Retraced off a key fib level (0.764)
- Decent risk/reward ratio of above 2:1
- Showing signs of reversal due to bullish candle with a long wick.
- Will wait for price to break the next fib level (0.618) for confirmation that price will continue north.
- Will bring stop loss to break even when price reaches at least 90% of target 1.
- Will bring stop loss to 0.5 Fib level if prices reaches 50% of target 2.
- Will close trade early if price hits the ascending channel resistance line.
- Retraced off a key fib level (0.764)
- Decent risk/reward ratio of above 2:1
- Showing signs of reversal due to bullish candle with a long wick.
- Will wait for price to break the next fib level (0.618) for confirmation that price will continue north.
- Will bring stop loss to break even when price reaches at least 90% of target 1.
- Will bring stop loss to 0.5 Fib level if prices reaches 50% of target 2.
- Will close trade early if price hits the ascending channel resistance line.