Price had a Double Top Pattern and broke the first resistance. But in its attempt to break the resistance-turned-support line, it failed and got rejected.
Using the Fib Extension, it is likely that price will continue on its downtrend until the golden Fib Extension Levels before it hits support and reverses.
I'll probably take a short position in a smaller timeframe while keeping an eye on this 4H Chart to find a good entry for a long position.
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instagram.com/tradethrills
Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.
Using the Fib Extension, it is likely that price will continue on its downtrend until the golden Fib Extension Levels before it hits support and reverses.
I'll probably take a short position in a smaller timeframe while keeping an eye on this 4H Chart to find a good entry for a long position.
Thank you for reading! Do check out our Instagram for more trading related content!
instagram.com/tradethrills
Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.