This is a Channel Break-out Strategy, Price currently broke out of the Descending channel to the upside, wait for a Bullish confirmation before entering a Buy. As you can see Price had dropped and Bounced off a strong support at the 200sma on 1 hour time frame which happened to also be the 50% of the Fibonacci Retracement Level. I usually apply my Trend-Based Fibonacci Tools on the Channel Break-out (seen here with the Purple color) I usually base my TP1 at the 100% Fib Ext Level and TP2 at the 161.80% fib ext level. IF price continue it's climb TP1 RRR will be 4.34:1 and TP2 at 6.33:1
🚫🚫🚫⚠⚠DISCLAIMER: ⚠⚠🚫🚫🚫
This is my personal view of this Chart; it does not provide any Signal advise! It is strictly for educational purposes only! You can use the information for your own trading plan. So Please do your own research and analysis and use this information appropriately. Trading is very speculative and risky and carries a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results.
Personal Free Advice: You Should NEVER borrow any money to invest, you should NEVER use money intended to feed your Family, Pay for School tuition or Pay for Bills for the purpose of investing in Forex Markets!
Hit the Like button if you agree with my idea!
🚫🚫🚫⚠⚠DISCLAIMER: ⚠⚠🚫🚫🚫
This is my personal view of this Chart; it does not provide any Signal advise! It is strictly for educational purposes only! You can use the information for your own trading plan. So Please do your own research and analysis and use this information appropriately. Trading is very speculative and risky and carries a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results.
Personal Free Advice: You Should NEVER borrow any money to invest, you should NEVER use money intended to feed your Family, Pay for School tuition or Pay for Bills for the purpose of investing in Forex Markets!
Hit the Like button if you agree with my idea!