I have recently covered in several streams and video’s – why my bias is still down. But want to see some logic from the other side of the table.
If we are long here – here’s some thoughts;
Could this be the 0-1, back to 2 and on it’s way up to 3 move?
If so what is the “?” phase?
Let’s go one better and assume a pretty channel break;
Where are the fib targets above? we have a 1.618 move up.
Here is clearly a 38% Pullback
Could it be?
Does this work with a breakdown if we apply a retracement?
Well yes; So now it’s all about logic for a move up and a bigger drop, or are we likely to drop from here?
Just me thinking out loud; have to watch the streams & videos for the full breakdown of the logic both ways.
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
2nd Disclaimer – This is not me long, this is not a long call, this is just breaking down some logic if it is to go long. Trying to assess each situation.