So last week showed bullish momentum on GU.
There was accumulation around the buy zone, which left the area after a bullish engulfing took to break the trend.
My strategy is as follows: drawing out the fib from bottom to top (if bullish, and if I'm bearish, top to bottom), and you see that price actively retests two of my key levels, the 38.9% and possibly the 61.8% depending on which broker you have.
The areas I look to take profit for are the negative -61.8 and then up to the -2.618, typically giving 2:1 RR or greater. Stop is always just below the lowest wick in the area of the buy. In this case the trade would have started and finished within a days time.
I see there being a slight pullback, and then continuation to the -4.618 level, where more decision on price can be decided and a further update will come.
There was accumulation around the buy zone, which left the area after a bullish engulfing took to break the trend.
My strategy is as follows: drawing out the fib from bottom to top (if bullish, and if I'm bearish, top to bottom), and you see that price actively retests two of my key levels, the 38.9% and possibly the 61.8% depending on which broker you have.
The areas I look to take profit for are the negative -61.8 and then up to the -2.618, typically giving 2:1 RR or greater. Stop is always just below the lowest wick in the area of the buy. In this case the trade would have started and finished within a days time.
I see there being a slight pullback, and then continuation to the -4.618 level, where more decision on price can be decided and a further update will come.