Potential Trade Setup:
Long Position: Look for buying opportunities near the Fibonacci retracement levels (0.3, 0.5, 0.618). These levels provide a good risk-reward ratio for entering long positions.
Short Position: If the price moves towards the gray resistance zone without breaking it, consider short positions, especially if there is a strong bearish reaction.
Strategy:
Entry: Consider entering a long position if the price reaches the 0.5 or 0.618 Fibonacci retracement levels and shows signs of a bullish reversal (e.g., bullish candlestick patterns or indicators turning bullish).
Stop Loss: Place the stop loss just below the recent low (below the 0.618 level) to manage risk.
Take Profit: Target the recent highs or the resistance area for taking profit, ensuring a good risk-reward ratio (1:2 or better).
Long Position: Look for buying opportunities near the Fibonacci retracement levels (0.3, 0.5, 0.618). These levels provide a good risk-reward ratio for entering long positions.
Short Position: If the price moves towards the gray resistance zone without breaking it, consider short positions, especially if there is a strong bearish reaction.
Strategy:
Entry: Consider entering a long position if the price reaches the 0.5 or 0.618 Fibonacci retracement levels and shows signs of a bullish reversal (e.g., bullish candlestick patterns or indicators turning bullish).
Stop Loss: Place the stop loss just below the recent low (below the 0.618 level) to manage risk.
Take Profit: Target the recent highs or the resistance area for taking profit, ensuring a good risk-reward ratio (1:2 or better).
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.