Summary
The chart shows a short term opportunity to go long as it broke out from the trend line on the top and the market is continuing to move upwards. Based on the fibonacci retrace tool used. There are 3 possibility of where the market would move. Either break downwards straight or it could move upwards correctively or impulsively.
Steps to enter
The chart shows a short term opportunity to go long as it broke out from the trend line on the top and the market is continuing to move upwards. Based on the fibonacci retrace tool used. There are 3 possibility of where the market would move. Either break downwards straight or it could move upwards correctively or impulsively.
Steps to enter
- Wait for a bull flag.
- If it hits the fibonacci point, wait for a retrace candle to form.
- Or wait for a bear flag to form afterwards.