This is not a trading Idea as the reasons for entry have already been and gone.
Text Book 2618 bullish trade
1. Double Bottom against major structure support/resistance
2. RSI Divergence
3. Higher High established
4. Retracement to the 61.8 Fibonacci level
How to trade
1. Stop loss below double bottom (according to your rules) must have 1:1 Risk to reward minimum
2. Target 1 Level with higher high
3. Target 2 next level of resistance - if too far then 1.27 fib extension
4. Take target 1 (if hit) and trail stops for target 2
5. Keep riding the wave for as long as you feel comfortable
Hope this helps anyone who is here trying to learn
Please leave a "Like" if you please
Good Luck
Steve
Text Book 2618 bullish trade
1. Double Bottom against major structure support/resistance
2. RSI Divergence
3. Higher High established
4. Retracement to the 61.8 Fibonacci level
How to trade
1. Stop loss below double bottom (according to your rules) must have 1:1 Risk to reward minimum
2. Target 1 Level with higher high
3. Target 2 next level of resistance - if too far then 1.27 fib extension
4. Take target 1 (if hit) and trail stops for target 2
5. Keep riding the wave for as long as you feel comfortable
Hope this helps anyone who is here trying to learn
Please leave a "Like" if you please
Good Luck
Steve
Note
You can watch thw creation of this chart on the link belowyoutu.be/SuYnCHeZzSc
Trade closed: target reached
Target 1 hitTrade closed: stop reached
target 2 Stop loss hitTypical - call something text book and it will bite you lol
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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.
Twitter: twitter.com/logicfxtrading
Facebook: facebook.com/logicfxtrading
Telegram: t.me/logicfxfreetrades
Flipboard Magazine: tinyurl.com/yazs9szc
Facebook: facebook.com/logicfxtrading
Telegram: t.me/logicfxfreetrades
Flipboard Magazine: tinyurl.com/yazs9szc
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.