Hello traders,
Looking at the chart at where this market could potentially be heading, and IF it got there, what the next trade could be. Due to the size, it would probably go down as a more medium/long term move however the market seems to be fulfilling the criteria for a bullish Cypher pattern. In normal conditions, I would go long at the completion of the pattern at the 78.6 fib level. However, to fulfill my SL rule, orders will be placed at the price level of the green arrow.
I would admit, the market hasn't given any indication that it would be dropping to that level so this is definitely a "wait and see", however IF the market did move to that level, THEN we are well prepared! :)
Good Luck in the markets!
Looking at the chart at where this market could potentially be heading, and IF it got there, what the next trade could be. Due to the size, it would probably go down as a more medium/long term move however the market seems to be fulfilling the criteria for a bullish Cypher pattern. In normal conditions, I would go long at the completion of the pattern at the 78.6 fib level. However, to fulfill my SL rule, orders will be placed at the price level of the green arrow.
I would admit, the market hasn't given any indication that it would be dropping to that level so this is definitely a "wait and see", however IF the market did move to that level, THEN we are well prepared! :)
Good Luck in the markets!
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