What's going on everyone, I hope you all had a great weekend! Today I'd like to provide a short-term technical outlook on Binance Coin (BNB/USD).
BNB/USD is in the final stages of forming a bullish gartley 886 formation on the 1h chart, providing a trading opportunity with a 1:2.5 risk to reward.
The measurements for a valid gartley 886 are detailed below.
B: 0.618
C: 0.382 - 0.886
D: 1.13 - 1.618
X to D: 0.886 (Only applies when AB=CD completes beyond 0.786)
The reversal may well take place at the 0.786 retracement but the better option would be to wait on the lower entry level.
This setup should be executed in real time based upon the price action that follows the confirmation of the potential reversal zone. My main focus is 22.27, once price tests this area I'll be dropping down to the 15m chart to look for an entry.
If price starts slowing down and consolidates in the current area it'll be unlikely I'll take the trade (I've provided an example below).
We experienced this type of price action around the C point as shown.
Remember to keep your risk in check, don't set any pending orders at 22.27 this should be executed and managed in real time.
Let's have a good week of trading!
BNB/USD is in the final stages of forming a bullish gartley 886 formation on the 1h chart, providing a trading opportunity with a 1:2.5 risk to reward.
The measurements for a valid gartley 886 are detailed below.
B: 0.618
C: 0.382 - 0.886
D: 1.13 - 1.618
X to D: 0.886 (Only applies when AB=CD completes beyond 0.786)
The reversal may well take place at the 0.786 retracement but the better option would be to wait on the lower entry level.
This setup should be executed in real time based upon the price action that follows the confirmation of the potential reversal zone. My main focus is 22.27, once price tests this area I'll be dropping down to the 15m chart to look for an entry.
If price starts slowing down and consolidates in the current area it'll be unlikely I'll take the trade (I've provided an example below).
We experienced this type of price action around the C point as shown.
Remember to keep your risk in check, don't set any pending orders at 22.27 this should be executed and managed in real time.
Let's have a good week of trading!
📈 Master the Art and Science of Trading: www.sixfigurecapital.com