Whatâs up: Trade entered and immediately shot up from the 61.8% Fibonacci Extension level which is also the edge of a demand zone. However, a further pullback is likely but my SL should be far enough to cover the volatility.
Whatâs up: $C98$ saw initial rejection at descending channel on the daily timeframe. I am anticipating a retest very soon. Currently looking for entry at the 38.2% Fibonacci Retracement level [0.29252], which is also situated at the edge of a supply zone, with an SL set at 78.6% level [0.25875]. I am expecting 45% - 70% profit within 2-4 weeks.
$C98$: Bullish đ [Extended Analysis]
Feb. 17 Update:
Whatâs up: Trade entered and immediately shot up from the 61.8% Fibonacci Extension level which is also the edge of a demand zone. However, a further pullback is likely but my SL should be far enough to cover the volatility.
The Short-Term Play: 2-4 weeks
3.93-to-1 PL Ratio.
Entry: 0.29395; Target: 0.43235; SL: 0.25875.
Hourly Resistance Zones
1. 0.3099 - 0.3200
2. 0.3244 - 0.3363
3. 0.3413 - 0.3592
Hourly Support Zones
1. 0.3029 - 0.2963
2. 0.2940 - 0.2889
3. 0.2827- 0.2728
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Feb. 16 Analysis:
Whatâs up: $C98$ saw initial rejection at descending channel on the daily timeframe. I am anticipating a retest very soon. Currently looking for entry at the 38.2% Fibonacci Retracement level [0.29252], which is also situated at the edge of a supply zone, with an SL set at 78.6% level [0.25875]. I am expecting 45% - 70% profit within 2-4 weeks.
The Short-Term Play: 2-4 weeks
3.93-to-1 PL Ratio.
Entry: 0.29395; Target: 0.43235; SL: 0.25875.
TA Methodologies:
1. Supply & Demand Theories
2. Price Momentum
3. Fibonacci Retracements & Extensions SR Zones
4. Trendline Breakout
5. RSI Movement Strengths