Originally I thought to short this and over the long run it might be the correct trade. However looking at the general sentiment of traders on tradingview and twitter, the majority feel this is a long opportunity. I tried to understand why they would believe this is a long opportunity and not a short and I came up with this.
From tomorrow's open, I would place a market order for a long entry with my stop-loss set tightly at Friday's lowest level of 108.850. My Take-profit would be apprximately around the 111.6000 level or the 110.400 level to loosely coincide with the 0.382 and 0.236 fib retrace levels.
Any and all criticisms welcome :)
From tomorrow's open, I would place a market order for a long entry with my stop-loss set tightly at Friday's lowest level of 108.850. My Take-profit would be apprximately around the 111.6000 level or the 110.400 level to loosely coincide with the 0.382 and 0.236 fib retrace levels.
Any and all criticisms welcome :)