Drew fib range from swing low to swing high on the weekly chart. We saw a pull back in a form of a bull flag which came shy off the .382 levels. We finally broke through resistance levels at the beginning of June! Retested our support level (D chart) and now moving towards the upside.
I believe this is a confirmed breakout as there is a higher than average volume since the breakout, which means that is it less likely to be a false one.
I need some confluence in terms of TP margins.
Firstly, we have our -.618 and -.27 golden zones on the fib. Next, I drew a green vertical line to measure weekly low up to the high. I then placed the measurement from the start of the breakout to determine where our TP would be.
Other confirmations I look for are overbought levels on the STOCHC (80 and above), RSI (75 and above ) and MFI (75 and above) indicators. As a long term holder, i will pay attention to the weekly and daily charts as we do not have much data for longer term analysis.
I plan to take some profits when fib levels are hit. I will take the remainder of my profits when all 3 indicators hit overbought signals.
It's my first post, guys. Let me know what you think.
I believe this is a confirmed breakout as there is a higher than average volume since the breakout, which means that is it less likely to be a false one.
I need some confluence in terms of TP margins.
Firstly, we have our -.618 and -.27 golden zones on the fib. Next, I drew a green vertical line to measure weekly low up to the high. I then placed the measurement from the start of the breakout to determine where our TP would be.
Other confirmations I look for are overbought levels on the STOCHC (80 and above), RSI (75 and above ) and MFI (75 and above) indicators. As a long term holder, i will pay attention to the weekly and daily charts as we do not have much data for longer term analysis.
I plan to take some profits when fib levels are hit. I will take the remainder of my profits when all 3 indicators hit overbought signals.
It's my first post, guys. Let me know what you think.
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