A short continuation is expected from me, the downtrtend on this pair seems to have no end.
A previous position with a better RR was missed for a while at the moment the price is trying to roperere a small support area before showing a new possible bearish movement.
After the great movement the price is returned to test the zone of interest in the retracement of Fibonacci, giving way to the new downtrend, breaking also the ascending wedge.
My target is set considering the 1D Fibonacci levels.
Representation of a personal idea, is therefore not to be considered neither an investment suggestion nor a financial advice.
A previous position with a better RR was missed for a while at the moment the price is trying to roperere a small support area before showing a new possible bearish movement.
After the great movement the price is returned to test the zone of interest in the retracement of Fibonacci, giving way to the new downtrend, breaking also the ascending wedge.
My target is set considering the 1D Fibonacci levels.
Representation of a personal idea, is therefore not to be considered neither an investment suggestion nor a financial advice.
Note
Note
My target is set to the first extension of the Fibonacci retracement, coordinating the 1D chart you could see a sort of "Double bottom" pattern, I had opened a transaction on smaller timeframes but once the price reached the second time the level of the "Golden zone" on retracement that is seen in the original image of the idea I closed it, because of the consolidation and the possible reversal, in accordance with the major trend.Note
It is however to keep in mind that at the level of about 00.0% the price will be in correspondence de minimum reached in December 2016 on this pair.Note
The price is approaching for the third time at the support, potential big move once the price broke through.Trade closed: target reached
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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.