Price retraced to .382 Feb level from the low formed 12-19 and now potential trend reversal based on couple of confluence
1. Price retraced to .886 of A to B
2. Bullish engulfing candle at @ Fib levels
Target 1 set based on structure and
Target 2 set based on Feb extension
SL goes below low of 12-19, if target 1 meet then move sl to break even and your second contract.
Two ways to enter the trade
1. Enter market now with bit more risk
2. Conservative trader can wait for more confluence like wait for more support to form at .886 or retest of this level and then enter.
Note: Take your own risk
This analysis is just a trade idea do not recommend to follow or take trade based on this analysis. Make your own decision. I am still a beginner trying to improve my analysis and I do not make any trading based on this analysis.
1. Price retraced to .886 of A to B
2. Bullish engulfing candle at @ Fib levels
Target 1 set based on structure and
Target 2 set based on Feb extension
SL goes below low of 12-19, if target 1 meet then move sl to break even and your second contract.
Two ways to enter the trade
1. Enter market now with bit more risk
2. Conservative trader can wait for more confluence like wait for more support to form at .886 or retest of this level and then enter.
Note: Take your own risk
This analysis is just a trade idea do not recommend to follow or take trade based on this analysis. Make your own decision. I am still a beginner trying to improve my analysis and I do not make any trading based on this analysis.