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***** This trade idea is on spot trading. I do not recommend futures for this particular trade. *****
* I see potential POI ranging from 0.9764 to 0.7632
* It should be a perfect buying opportunity with stop loss at 0.5239
Reason;
* First of all, you can see perfect cup and handle formation on daily and weekly time frame which indicates Bullish trend coming up soon. Secondly,
* I always use Fib retracement as my basic strategy as well as support and resistance . I see a perfect retracement on golden zone range between 61.8 to 78.6 that is 0.8875 to 0.7632.
* Take profits are just truly based on inverse FIBS
* Note that, take profits after usual cup and handle is different, i will note it down if you wish to follow those take profits and i will explain them why it is set that way;
Take profit 1 is equal to the size of the handle. ie., 1.7810
Take profit 2 is equal to the size of the cup. ie., 3.4928
* Stop loss is set at 0.5239 as it will break 1.00 on FIBS and make a new LL.
* Keep you short loss small and profits big
* This trade is 1:11 risk to reward ratio.
* This is not financial advice. Invest only what you are prepared to lose and do not predict the movements, READ the charts.
Best wishes,
Zaki
***** This trade idea is on spot trading. I do not recommend futures for this particular trade. *****
* I see potential POI ranging from 0.9764 to 0.7632
* It should be a perfect buying opportunity with stop loss at 0.5239
Reason;
* First of all, you can see perfect cup and handle formation on daily and weekly time frame which indicates Bullish trend coming up soon. Secondly,
* I always use Fib retracement as my basic strategy as well as support and resistance . I see a perfect retracement on golden zone range between 61.8 to 78.6 that is 0.8875 to 0.7632.
* Take profits are just truly based on inverse FIBS
* Note that, take profits after usual cup and handle is different, i will note it down if you wish to follow those take profits and i will explain them why it is set that way;
Take profit 1 is equal to the size of the handle. ie., 1.7810
Take profit 2 is equal to the size of the cup. ie., 3.4928
* Stop loss is set at 0.5239 as it will break 1.00 on FIBS and make a new LL.
* Keep you short loss small and profits big
* This trade is 1:11 risk to reward ratio.
* This is not financial advice. Invest only what you are prepared to lose and do not predict the movements, READ the charts.
Best wishes,
Zaki