We’ve had an interesting move with a retracement to the Fibonacci 0.618 level and it looks like a head and shoulders pattern is forming.
Fibonacci Retracement: The price has retraced from the entire wave down to the 0.618 Fibonacci level.
Head and Shoulders Pattern: A head and shoulders pattern seems to be forming, which could lead to a significant price movement if it plays out.
Long Trade Setup:
Entry Points:
Immediate Entry: Consider entering a long position now at the current price level.
Confirmed Entry: Alternatively, wait for a break above the right shoulder and confirm with volume before entering a long trade.
Potential Gain:
Target: If the head and shoulders pattern plays out, we could see a +50% move towards the 0.618 Fibonacci level again.
Volume Monitoring:
Confirmation: Watch the volume closely to confirm a real breakout before making the trade.
Ready to catch the Theta wave? Let’s see if we can ride this setup to some serious gains!
Fibonacci Retracement: The price has retraced from the entire wave down to the 0.618 Fibonacci level.
Head and Shoulders Pattern: A head and shoulders pattern seems to be forming, which could lead to a significant price movement if it plays out.
Long Trade Setup:
Entry Points:
Immediate Entry: Consider entering a long position now at the current price level.
Confirmed Entry: Alternatively, wait for a break above the right shoulder and confirm with volume before entering a long trade.
Potential Gain:
Target: If the head and shoulders pattern plays out, we could see a +50% move towards the 0.618 Fibonacci level again.
Volume Monitoring:
Confirmation: Watch the volume closely to confirm a real breakout before making the trade.
Ready to catch the Theta wave? Let’s see if we can ride this setup to some serious gains!
🏆 Mastering Fibonacci for precision trading
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🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
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.
🏆 Mastering Fibonacci for precision trading
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
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.