Hello there! I'm presenting to the traders that don't understand the Fibonacci Retracement a study of a real-time case. In this BEARISH scenario the Fibonacci Retracement setup Is a very logical comprehensive tool for the SHORT POSITION trade.
As we can see on the chart the zero level was extended from the bearish pivot (higher price) of the previous fall to the 0.5 level on the bullish pivot (lower price) of the retrace movement. The secure zone in the sector between 0.5 & 0.786 where the consolidation occured. The 0.786 Is logical resistance level where the best price for short Is located.
We've target the take profit 1 point immediately below the 0.236 level because invariably this zone located above the final level where the pullbacks tends to occur.
On this special case, we've an ideal target to take a strategical TP on the support zone at 38k area.
Thanks for the attention. Have a nice day trading!
As we can see on the chart the zero level was extended from the bearish pivot (higher price) of the previous fall to the 0.5 level on the bullish pivot (lower price) of the retrace movement. The secure zone in the sector between 0.5 & 0.786 where the consolidation occured. The 0.786 Is logical resistance level where the best price for short Is located.
We've target the take profit 1 point immediately below the 0.236 level because invariably this zone located above the final level where the pullbacks tends to occur.
On this special case, we've an ideal target to take a strategical TP on the support zone at 38k area.
Thanks for the attention. Have a nice day trading!
