I am looking to enter long as price action approaches the rising trendline.
There is a confluence of support at the trendline both horizontal and the .382 fib retracement of the current uptrend. Also the 100ma is currently moving toward teh support zone as well.
I am placing my stop slightly below the 50 fib retracement level. I am doing this since there is a pin bar that formed on the daily time frame, so that does have me concerned that a false break of the trendline may occur.
The profit target is going to always change since this a trend. But my intial target will be the next resistence level. (after the one that just turned price around)
Update: I did open a small long position at 1.25912, and will at more at the .382 fib. stop and profit targets remain the same
Please leave comments or opinions
There is a confluence of support at the trendline both horizontal and the .382 fib retracement of the current uptrend. Also the 100ma is currently moving toward teh support zone as well.
I am placing my stop slightly below the 50 fib retracement level. I am doing this since there is a pin bar that formed on the daily time frame, so that does have me concerned that a false break of the trendline may occur.
The profit target is going to always change since this a trend. But my intial target will be the next resistence level. (after the one that just turned price around)
Update: I did open a small long position at 1.25912, and will at more at the .382 fib. stop and profit targets remain the same
Please leave comments or opinions