What do you guys think about the following situation? I believe the 38,2% Fib level might actually hold. I’m thinking about going long (demo of course) after some confirmation from the price action that it’s truly reversing. In that case I will place my stop-loss on the previous support at 0,8342 and take profit just below the previous high at 0,8448. Am I doing this right?
ps: Is there any way to enlarge the picture? I unable figure out how.
it could hold…it will most likely consolidate when the market opens…if it does bounce up it might easily go past .8475 resistance without falling back back to test it again…
i usually wait to see if there are any signs of going back up then buy when it seems to go up (ie. long tail, stoch crosses, rsi ticks up etc.)
then after take profit at around .845 area, put another order in at around .85 for the break out
Could be a good position. In my analysis I see that we’ve been above the 200ema for quite some time, and the last time it tested the EMA it took a huge bounce off that line. However you can also see it crashing through the EMA previously as well.
Once I see some sort of verification from the price action I intend to make a trade on this pair.
Depends on your intentions/trade reasons.
There is actually no right or wrong way to trade. We all trade differently.
That level may or may not hold. But if you think it will, then go for it. Ideally you should do it on a demo account.
Price looks bearish right now, would wait for price to stand at 0.83 to go long,
