I've tried my best to analyse this chart as much as i can so all of you, no matter of your trading ability, can understand 💯
So what i used was the Fibonacci Retracement tool to give me a good support and resistance line to use as i noticed there was strong impulses (Strong moves) going up then once after the impulses a retracement (Pull back) was occurring previously on the chart so i used this data to predict what was going to happen next.
I used this information to create a stop loss and take profit for this trade as you can tell the chart is temporarily heading in a uptrend due to it bouncing of the fibonacci resistance.
TP @ 1.08540
SL @ 1.07827
If you do want to enter this trade as soon as the market is open i recommend waiting roughly a hour as the spread will be high.
Trade smart, Trade safe
If you would like any assistance feel free to message me 😀
So what i used was the Fibonacci Retracement tool to give me a good support and resistance line to use as i noticed there was strong impulses (Strong moves) going up then once after the impulses a retracement (Pull back) was occurring previously on the chart so i used this data to predict what was going to happen next.
I used this information to create a stop loss and take profit for this trade as you can tell the chart is temporarily heading in a uptrend due to it bouncing of the fibonacci resistance.
TP @ 1.08540
SL @ 1.07827
If you do want to enter this trade as soon as the market is open i recommend waiting roughly a hour as the spread will be high.
Trade smart, Trade safe
If you would like any assistance feel free to message me 😀
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