Here’s a detailed breakdown. Of course, those fully engaged in trading will understand this right away. Basically, when the price reaches the D point zone (ABCD pattern), we start looking for a short setup. Most likely, the price will move toward the projected target zone — and that’s what we’re aiming for.
For those who are impatient, there are also two potential entry zones for long trades. As you can see, there’s a white trendline on the chart. The first buy setup is from the area after a retest of this trendline. The second long opportunity appears if the price breaks above the 61.8% Fibonacci zone — in that case, you can buy again on the retest, aiming for the TP zone.
For those who are impatient, there are also two potential entry zones for long trades. As you can see, there’s a white trendline on the chart. The first buy setup is from the area after a retest of this trendline. The second long opportunity appears if the price breaks above the 61.8% Fibonacci zone — in that case, you can buy again on the retest, aiming for the TP zone.
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.
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.