Fib strategy, potential short NOW.
Confluence 1: 4H 50EMA respected twice in this downtrend line.
Confluence 2: 4H 8H 50EMA approaching price and act as resistance.
Confluence 3: Trendline third touch! 3 is the magic number.
Confluence 4: Price rejected once in golden fib zone in 71-78%
Confluence 5: Momentum slowed in 1H charts
Confluence 6: Price in liquidity zone of golden fib zone. Price shows multiple support and resistance wicks at this zone.
Confluence 7: Backside of uptrend line is lower than last high signifies high probability to go bearish
Not financial advise. Trade on your own risk.
Good day all.
Regards
Melvin
Confluence 1: 4H 50EMA respected twice in this downtrend line.
Confluence 2: 4H 8H 50EMA approaching price and act as resistance.
Confluence 3: Trendline third touch! 3 is the magic number.
Confluence 4: Price rejected once in golden fib zone in 71-78%
Confluence 5: Momentum slowed in 1H charts
Confluence 6: Price in liquidity zone of golden fib zone. Price shows multiple support and resistance wicks at this zone.
Confluence 7: Backside of uptrend line is lower than last high signifies high probability to go bearish
Not financial advise. Trade on your own risk.
Good day all.
Regards
Melvin
Trade closed manually
Trade closed as of 29 Dec 22 08:01:40 AM GMT +8. Closing price 1.20347
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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.