Looks like a Bullish Gartley Pattern is currently forming on the daily time frame of TRX.
My Fibonacci Ratio analysis:
The AB leg retraced nicely to the Fibonacci 61.8% retracement level of the XA leg.
The BC leg also retraced up to the Fibonacci 61.8% retracement level of the AB leg.
The Fibonacci 127.2% retracement of the BC leg falls right on top of the Fibonacci 78.6% retracement level of the XA leg
The 127.2% Fibonacci extension of the AB leg is 4 handles above the 78.6% retracement level of the XA leg.
All these factors point to a potential reversal zone around Point D.
Trade plan for this setup:
Place pending order to buy at point D
Stop loss is under fib 88,6 which I see as a secure bounce area
First Target is the 38.2% fib retracement level of the AD move around 2.27
Second Target is the 61.8% fib retracement level of the AD move around 2.47
Safe trading Ladies and Gents!
BLawrenceM
My Fibonacci Ratio analysis:
The AB leg retraced nicely to the Fibonacci 61.8% retracement level of the XA leg.
The BC leg also retraced up to the Fibonacci 61.8% retracement level of the AB leg.
The Fibonacci 127.2% retracement of the BC leg falls right on top of the Fibonacci 78.6% retracement level of the XA leg
The 127.2% Fibonacci extension of the AB leg is 4 handles above the 78.6% retracement level of the XA leg.
All these factors point to a potential reversal zone around Point D.
Trade plan for this setup:
Place pending order to buy at point D
Stop loss is under fib 88,6 which I see as a secure bounce area
First Target is the 38.2% fib retracement level of the AD move around 2.27
Second Target is the 61.8% fib retracement level of the AD move around 2.47
Safe trading Ladies and Gents!
BLawrenceM
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Penerbitan berkaitan
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.