Price has formed 2 clear cycles and is now coming back to the last fractal low area also after a recent 50-20EMA crossover. On lower timeframes price seems to be slowing down around the areas highlighted in the image.
Scenario 1:
I would like to see the current price reverse and head towards the S3 pivot area, which is also a weekly historical level. Price then will push straight through and head towards the 1.168 fib extension area, which is my target 2 area.
Scenario 2:
Price heads towards target one and, reverses, bounces off of the weekly level and S3 pivot level, then continues down to target 2.
Scenario 3:
Price flies bullish and im completely wrong...
Scenario 1:
I would like to see the current price reverse and head towards the S3 pivot area, which is also a weekly historical level. Price then will push straight through and head towards the 1.168 fib extension area, which is my target 2 area.
Scenario 2:
Price heads towards target one and, reverses, bounces off of the weekly level and S3 pivot level, then continues down to target 2.
Scenario 3:
Price flies bullish and im completely wrong...
Trade active
Comment:
Moved Stop Loss to 81.490 and was stopped out in profit, around 11%.
Comment:
I have placed another sell stop at 81.150, just past the new lower low formed on the 4HR chart.
Trade closed: target reached