A Mechanical LONG entry for BNBBTC if you haven't already picked up some, and if you are using BInance it's close to being a no-brainer with the fee reductions when paid for in BNB.
Based on a previous impulsive wave up a trend based fib is drawn giving the targets, the ignition level to start looking for a possible entry is reaching the 0.5 fib and then looking for a further retracement back to the 0.25 level, profit taking is the 1.0 level with a stop loss also indicated on the chart.
The Mechanical Entry based on these fibs offers a 3:1 risk reward ratio as long as you adhere to the basics of a trend based fib from an impulsive move and use stops!
Based on a previous impulsive wave up a trend based fib is drawn giving the targets, the ignition level to start looking for a possible entry is reaching the 0.5 fib and then looking for a further retracement back to the 0.25 level, profit taking is the 1.0 level with a stop loss also indicated on the chart.
The Mechanical Entry based on these fibs offers a 3:1 risk reward ratio as long as you adhere to the basics of a trend based fib from an impulsive move and use stops!
Order cancelled
no retracement so no trade to enter. Good job BNB :)
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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.