This is my first post here, so take this with a pinch of salt!
I'm wondering whether i've got the levels right and also the use of fibonacci. Basically I'm trying to put into practice some of the stuff i've been picking up from Philakone and Cash is King. Any comments / thoughts welcome.
If I was going to trade this I would:
Look to confirm the uptrend, It appears to be on the 3rd wave having broken a downtrend. The 55 EMA is lower than the 21 13 and 8 which I believe is positive.
If it goes to the 1.618 extension then with a stop loss at 5% below, there is the possibility of 23% profit which is a great risk to reward ratio.
I'm going to watch this and see what happens next.
I'm wondering whether i've got the levels right and also the use of fibonacci. Basically I'm trying to put into practice some of the stuff i've been picking up from Philakone and Cash is King. Any comments / thoughts welcome.
If I was going to trade this I would:
Look to confirm the uptrend, It appears to be on the 3rd wave having broken a downtrend. The 55 EMA is lower than the 21 13 and 8 which I believe is positive.
If it goes to the 1.618 extension then with a stop loss at 5% below, there is the possibility of 23% profit which is a great risk to reward ratio.
I'm going to watch this and see what happens next.