Current price seems to be respecting the support level.
i'll be looking to BUY with a TP at the 50% fib level of 107.6
stop loss just below the wick of the previous candles.
also, i forgot to include this in my original analysis, but if you add a BB indicator to this chart you will notice price is at the bottom of the BB indicating a time to buy, as well as RSI is very low and the 50 EMA is still above the 200EMA.
R/R isn't very high, but i don't consider it much of a risk. More or less i just want to make sure my stop loss isn't triggered by any false breakouts that may occur before the 50% retracement is complete. Based on the previous candles, i do see a lot of volatility, but still consider the upward retracement to be highly probable before continuing with the down trend.
cheers!
i'll be looking to BUY with a TP at the 50% fib level of 107.6
stop loss just below the wick of the previous candles.
also, i forgot to include this in my original analysis, but if you add a BB indicator to this chart you will notice price is at the bottom of the BB indicating a time to buy, as well as RSI is very low and the 50 EMA is still above the 200EMA.
R/R isn't very high, but i don't consider it much of a risk. More or less i just want to make sure my stop loss isn't triggered by any false breakouts that may occur before the 50% retracement is complete. Based on the previous candles, i do see a lot of volatility, but still consider the upward retracement to be highly probable before continuing with the down trend.
cheers!