Utilizing DOW theory to spot the trend and find out the best possible entry with candle stick patterns and support and resistances with Fib levels.
Looking at the Daily timeframe, instrument was in bearish trend (series of LH,LL). It broke the trend by breaking the last LH also breaking the trendline resistance (trend break point on 11 Nov 2022 candle). A slight resistance at 0.382 fib level and now testing the S1 support zone. If todays daily candle closes above this support level, a possible long position is there with target towards 0.5 fib level and stop loss a little below next support S2(1722).
Risk 2%
Reward/Risk : 2
Buy zone : 1750 -1765
STOP Loss :1722
TP1: 1800
Tp2 : 1842
Looking at the Daily timeframe, instrument was in bearish trend (series of LH,LL). It broke the trend by breaking the last LH also breaking the trendline resistance (trend break point on 11 Nov 2022 candle). A slight resistance at 0.382 fib level and now testing the S1 support zone. If todays daily candle closes above this support level, a possible long position is there with target towards 0.5 fib level and stop loss a little below next support S2(1722).
Risk 2%
Reward/Risk : 2
Buy zone : 1750 -1765
STOP Loss :1722
TP1: 1800
Tp2 : 1842