Using the fib retracement tool we are Measuring from the wick of our swing low, that bounced off the 50ema, back to the top wick our previous high and we see that the bodies of both candles are within the .382 retracement.
Using the ATR indicator I set my stops 1% below the 50 ema and looking to enter around $121.33 and because our 382 fib retracement engulfs the bodies of our previous high we have confidence that market will allow us to exit right around the $127.33-$127.40 for a clean 5% win over the 4hr chart
Using the ATR indicator I set my stops 1% below the 50 ema and looking to enter around $121.33 and because our 382 fib retracement engulfs the bodies of our previous high we have confidence that market will allow us to exit right around the $127.33-$127.40 for a clean 5% win over the 4hr chart
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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.