Fibonacci at work
After reversing on the major support, the market has rallied higher and just hit the fibonacci zone after a pullback.
1. Pullback to fibonacci level
2. Bullish engulfing bar (needs to close as such to confirm)
3. Previous resistance tested as support
4. Moving average at play as well
This is a classic setup using a few factors in confluence. The engulfing bar is to be confirmed and the reward must be at least 2x the risk - stops are best placed where the setup is invalidated (few pips below engulfing bar)
Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only.
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All information published within this website is purely for educational purposes and offers no guarantees. Profit Fx, Forex Bootcamp and any of its associates cannot be held responsible for any trades that you have executed in any way whatsoever. Please familiarize yourself with the relevant risks involved when trading forex, CFD’s and other products. Any trading is done solely at your own risk. Profit Fx, Forex Bootcamp and any of its associates are in no way employed by any broker or any other legal entity. All information published within this website does not constitute advice, but rather objective information about a financial product and analysis or report of a financial product.
1. Pullback to fibonacci level
2. Bullish engulfing bar (needs to close as such to confirm)
3. Previous resistance tested as support
4. Moving average at play as well
This is a classic setup using a few factors in confluence. The engulfing bar is to be confirmed and the reward must be at least 2x the risk - stops are best placed where the setup is invalidated (few pips below engulfing bar)
Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only.
You can learn price action trading at no cost. Join my mailing list to receive more information zc.vg/sf/ZN3TE
Join me in Forex Bootcamp for live updates using the link below.
DISCLAIMER
All information published within this website is purely for educational purposes and offers no guarantees. Profit Fx, Forex Bootcamp and any of its associates cannot be held responsible for any trades that you have executed in any way whatsoever. Please familiarize yourself with the relevant risks involved when trading forex, CFD’s and other products. Any trading is done solely at your own risk. Profit Fx, Forex Bootcamp and any of its associates are in no way employed by any broker or any other legal entity. All information published within this website does not constitute advice, but rather objective information about a financial product and analysis or report of a financial product.
Disclaimer
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