Trade Setup: Long Continuation Using Fibonacci & Fair Value Gap
We're looking at a bullish continuation setup after a strong impulsive move to the upside.
Trend Context: Price is in a clear uptrend, marked by a strong bullish impulse followed by a corrective pullback.
Fibonacci Retracement: The pullback retraced into the 61.8% - 50% Fibonacci zone, a high-probability area for continuation in trending markets.
Fair Value Gap (FVG): Price dipped into a visible FVG (imbalance) from the previous bullish leg, suggesting institutional buying interest and unfilled orders at that level.
Confluence Zone: The 50-61.8% Fib zone overlaps with the FVG area, creating a strong confluence for a potential long entry.
Entry Idea: Long position considered within this confluence zone as price shows signs of bullish reaction (e.g., bullish engulfing candle or shift in structure).
Target: Aiming for a retest of the previous high or an extension using the 1.272 or 1.618 Fibonacci extension levels.
Stop Loss: Placed below the swing low or the lower bound of the FVG to allow some room for volatility.
We're looking at a bullish continuation setup after a strong impulsive move to the upside.
Trend Context: Price is in a clear uptrend, marked by a strong bullish impulse followed by a corrective pullback.
Fibonacci Retracement: The pullback retraced into the 61.8% - 50% Fibonacci zone, a high-probability area for continuation in trending markets.
Fair Value Gap (FVG): Price dipped into a visible FVG (imbalance) from the previous bullish leg, suggesting institutional buying interest and unfilled orders at that level.
Confluence Zone: The 50-61.8% Fib zone overlaps with the FVG area, creating a strong confluence for a potential long entry.
Entry Idea: Long position considered within this confluence zone as price shows signs of bullish reaction (e.g., bullish engulfing candle or shift in structure).
Target: Aiming for a retest of the previous high or an extension using the 1.272 or 1.618 Fibonacci extension levels.
Stop Loss: Placed below the swing low or the lower bound of the FVG to allow some room for volatility.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.