Reason for long
a) The 256 and 240 price points are arrived based on fib retracement zone. The first 240 reversal zone is the golden ratio of bigger swing and the 2nd smaller swing of golden ratio. hence 240 is consider as double golden ratio point and possess higher chance of reversal, if price touches to 240 level. Howsoever, every price point invalidates at some stage of its cycle and can only be measured with probabilities and risk reward phenomena. SO SL Compulsory. further, These price points can be further validated by lower time frame reversal candle stick patterns or Heikin Ashi candle stick color reversal step up at these reversal zone.
b) Breakout zone at 256 or reversal zone of 240
c) If price opens gap up above 256 levels, The breakout pull back is the ideal strategy.
d) Larger flag and mini flag is also a set up now exit and validates, if price moves above 256 level.
e) Double vwap price breakout zone for upside above 256 level.
a) The 256 and 240 price points are arrived based on fib retracement zone. The first 240 reversal zone is the golden ratio of bigger swing and the 2nd smaller swing of golden ratio. hence 240 is consider as double golden ratio point and possess higher chance of reversal, if price touches to 240 level. Howsoever, every price point invalidates at some stage of its cycle and can only be measured with probabilities and risk reward phenomena. SO SL Compulsory. further, These price points can be further validated by lower time frame reversal candle stick patterns or Heikin Ashi candle stick color reversal step up at these reversal zone.
b) Breakout zone at 256 or reversal zone of 240
c) If price opens gap up above 256 levels, The breakout pull back is the ideal strategy.
d) Larger flag and mini flag is also a set up now exit and validates, if price moves above 256 level.
e) Double vwap price breakout zone for upside above 256 level.
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