As you can see market has beautifully played a HH and HL formation in bigger picture. Now market is moving in a parallel channel and it seems like, market is taking a correction move of the LEG AB uptil FIb level of 0.618 before again continuing in a bearish run.
Trade plan is to look for the buy opportunity. we can plan trade with a entry on break of neck line as mentioned, once the entry is triggered we can plan TP with 1:1 and stop loss below HL / trendline / support level.
if the channel is broken, we can set TP2 as defined in the chart.
Trade plan is to look for the buy opportunity. we can plan trade with a entry on break of neck line as mentioned, once the entry is triggered we can plan TP with 1:1 and stop loss below HL / trendline / support level.
if the channel is broken, we can set TP2 as defined in the chart.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.