You can see the EG is actually in a cup and handle pattern. I marked the supply zone off the 1hr chart. Im looking for price to pullback to the 50 fib around 86.20/40 area. Ill put half my order as a limit with a stop above 86.60. Then i will look for a candlestick to get in for the rest of my order. You can see the take profit area which is a simple ab=cd pattern and the measured move of the cup and handle.
Note
Maybe price found resistance at the 38 fib. You have a shooting star forming. You could look to get in here. Offers a nice RR.Note
You can see price retraced right to where we wanted. I put half order on with a limit and this was the rest of the order.
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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.