This chart is an extension of my last idea. I drew the Fibonacci retracement from the last high to the recent low and it coincidentally matches up with my T/A.
I'm even more confident with my idea now if this plays out; nice profit!
Trade safe with a stop loss, the stop loss on this chart is just below the previous low in case we form a double bottom pattern, I shall be looking out for this in addition to a pin bottom reversal. In order to identify this pattern, there must be a rejection of lower prices that gives traders the impression that the price will return to an uptrend.
I'm even more confident with my idea now if this plays out; nice profit!
Trade safe with a stop loss, the stop loss on this chart is just below the previous low in case we form a double bottom pattern, I shall be looking out for this in addition to a pin bottom reversal. In order to identify this pattern, there must be a rejection of lower prices that gives traders the impression that the price will return to an uptrend.
Comment:
If you're new to trading then realise, you shouldn't enter a trade while the market is moving up. Entering at these low levels has shown consistent results with my strategies in a bull market.
Comment:
We made a nice higher low!
Comment:
Looking like we may have seen a bounce at the .5 fib
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