USDSGD Fibo Positioning for Long Trade
This idea was first posted on Dec 20 but was hidden as I unknowingly violated one of TV's house rules and the idea was hidden. Reposting for everyone's reference as USDSGD seems to have bottomed out in the mid term.
Having cleared the last bearish fibo downtrend at the 1.618 level, USDSGD is hovering at around this level. An initial rise followed by a retracement will confirm midterm trend turning back to bull.
Watch for the 61.8% retracement to enter for a 4X risk reward short trade. For traders who have higher risk appetite, entering now before confirmation will likely give a 8-10X risk reward (putting stop at 13 Dec low of 1.3510).
Happy trading and please click agree/like on this idea to support my work as well as follow my Tradingview profile to get more trade ideas update.
Having cleared the last bearish fibo downtrend at the 1.618 level, USDSGD is hovering at around this level. An initial rise followed by a retracement will confirm midterm trend turning back to bull.
Watch for the 61.8% retracement to enter for a 4X risk reward short trade. For traders who have higher risk appetite, entering now before confirmation will likely give a 8-10X risk reward (putting stop at 13 Dec low of 1.3510).
Happy trading and please click agree/like on this idea to support my work as well as follow my Tradingview profile to get more trade ideas update.