Price fell to the 618 Retracement level
This level is usually an area where price reverses.
But we are HEAVILY BEARISH ON the daily time frame.
1. So if its just a pullback, it will move up around 35 to 40 pips and then fall again.
2. If this reverses from the 618, your looking at a 100 pip buy trade.
1 or 2 of these things will happen and nobody in the world knows for sure! So all you can do is either wait for another sell or buy it for 35 pips and close it around the 20 Simple Moving Average or a little bit above the area!
This level is usually an area where price reverses.
But we are HEAVILY BEARISH ON the daily time frame.
1. So if its just a pullback, it will move up around 35 to 40 pips and then fall again.
2. If this reverses from the 618, your looking at a 100 pip buy trade.
1 or 2 of these things will happen and nobody in the world knows for sure! So all you can do is either wait for another sell or buy it for 35 pips and close it around the 20 Simple Moving Average or a little bit above the area!
