gillianpatrice

gillianpatrice

Sometimes retracement levels won't have enough bulls to make a HH. This is what could happen on this chart. I prefer to wait for a perfect touch of a 0.382 rectracement before price returns to the trend. The confluence of support and the 382 retracement of the overall rise and the 2.618 profit take of the first swing after the correction is significant. Here we...

gillianpatrice

The 4hr chart could provide the key to what is shaping up to be a bullish flag pattern before the trend resumes. Price will need to touch the 0.382 for me to take this trade. If we see a 3 step pattern - price action confirming a reversal trend on the lower time frames ie; A higher high than the last swing from the this will confirm the trade for me. Also the...

gillianpatrice Updated 

Yesterday I was expecting a retracement to a higher fib level on the daily (50%) to assume the next step down to support. The 15min showed me a failed high from this zone and gave me permission to short with my stop just above the swing high -lowering my risk on a smaller time frame. The key is to wait for proof of your plan and watch for signs. I will move my...

gillianpatrice

I see a two step pattern down to a 0.382 of the last rise & an initial take profit target of 1.27 of the retracement = 2225/2229 (also overlapping fib levels). This is a good level of support. I am more comfortable taking a carry trade from the next level down once the 2 step pattern completes to the 3rd touch of the Daily TL - and the confluence of 1.618 profit...