AUS200 - Bullish Trend on Daily time Frame
Analyzing previous data, one can see that after making HH, trend retraces to Fib 0.38 always and Fib 0.5 most of the time and Fib 0.61 occasionally. Moreover, bullish trend continues for 10 to 12 days and then re-traces for 3 to 5 days. And then again it resumes its upward trend.
Therefore, two types of trades can be taken:-
1. Long Trade while it is in uptrend,
2. Short trade while it is retracing. Since here we are talking on Daily time frame, therefore, one can take trades comfortably.
Analyzing previous data, one can see that after making HH, trend retraces to Fib 0.38 always and Fib 0.5 most of the time and Fib 0.61 occasionally. Moreover, bullish trend continues for 10 to 12 days and then re-traces for 3 to 5 days. And then again it resumes its upward trend.
Therefore, two types of trades can be taken:-
1. Long Trade while it is in uptrend,
2. Short trade while it is retracing. Since here we are talking on Daily time frame, therefore, one can take trades comfortably.