Very clean detailed S/R x Fibonacci retrace analysis, 62.8% retracement occurring last 2 candles suggest bullish momentum is dying out!
This trade for me is a channel trade, I use Fibonacci and S/R to add confluence. Please zoom out and examine these areas
The diagonal channel is 3 - 4 months old and very valid and we have seen price already bounce off the top channel 4 times.
Very tight stop any violation of channel suggest full trend reversal.
Commodity channel index overbought currently heading south with break of diagonal bottom
Good luck and happy trading :)
This trade for me is a channel trade, I use Fibonacci and S/R to add confluence. Please zoom out and examine these areas
The diagonal channel is 3 - 4 months old and very valid and we have seen price already bounce off the top channel 4 times.
Very tight stop any violation of channel suggest full trend reversal.
Commodity channel index overbought currently heading south with break of diagonal bottom
Good luck and happy trading :)