Had this idea earlier.
I see a little pullback down to 0.5 fib before heading upwards again towards the weekly resistance level. If price crosses 1.30639 before that, this trade is invalidated.
I see a little pullback down to 0.5 fib before heading upwards again towards the weekly resistance level. If price crosses 1.30639 before that, this trade is invalidated.
Comment:
Price has finally pierced the 0.618 fib line and held below. Looking good so far. As price reaches the target area (orange box), I will start looking for signs of weakness. My gut says price could go further down to 1.20x area but I think 0.5 is an area to watch closely.
Comment:
Looks like I jumped the gun. It has not held below the 0.5 fib line (yet?). We'll see soon enough.
Comment:
Looks like it did indeed hold below and has reached the target zone. Looking for an exit right around here.
Looks like it did indeed hold below and has reached the target zone. Looking for an exit right around here.
Trade closed: target reached