Based on my wave analysis market finished wave 4 of 3 and now its heading to the upside to finish wave 3 of 5 big.
On the 4h
_we have price retracing to that 0.382 fib support level and respecting IT
_lose of momentum on that level showing weakness on the bearish side
_ price action rejection ( hammer, doji , color change candlestick, engulfing candle)
_spikes to the upside
_ trading with the overall trend
1h
_ A new form of structure higher high and higher low
_ The break of that structure with several bullish candles that gives me the confidence to initiate the trade after all these confluences
15m entry
_ Ema's crossover and price above both of em
Stops=bellow the higher low
Target = 1.618 fib of wave 1/2
REMINDER !!
_always think of probabilities price may go ur way or against you what's important is predefining ur risk to reward and act on ur trading plan.
_thinking of series of traders approach
_anything can happen
_accept the risk
On the 4h
_we have price retracing to that 0.382 fib support level and respecting IT
_lose of momentum on that level showing weakness on the bearish side
_ price action rejection ( hammer, doji , color change candlestick, engulfing candle)
_spikes to the upside
_ trading with the overall trend
1h
_ A new form of structure higher high and higher low
_ The break of that structure with several bullish candles that gives me the confidence to initiate the trade after all these confluences
15m entry
_ Ema's crossover and price above both of em
Stops=bellow the higher low
Target = 1.618 fib of wave 1/2
REMINDER !!
_always think of probabilities price may go ur way or against you what's important is predefining ur risk to reward and act on ur trading plan.
_thinking of series of traders approach
_anything can happen
_accept the risk
Trade closed manually