Hey Traders,
I hope you had a great weekend, for those in the US that celebrated thanksgiving, I hope you ate plenty :D
Today we have a bullish cypher on the radar, The opportunity is valid until we pass our X leg. So pass simply means, we can touch but cannot exceed X, so it doesn't have to close, just pass. RSI being oversold and our bias being bullish on the longer timeframe, this is a perfect opportunity to be getting in a long opportunity, something I would even shoot for extended targets. As you guys know, stops below X and targets at the 38.2 and the 61.8, however like mentioned I will be looking for extended targets on this trade so I will be trailing stops on the second half of my position.
Like always, If you have any questions feel free to comment below
I hope you had a great weekend, for those in the US that celebrated thanksgiving, I hope you ate plenty :D
Today we have a bullish cypher on the radar, The opportunity is valid until we pass our X leg. So pass simply means, we can touch but cannot exceed X, so it doesn't have to close, just pass. RSI being oversold and our bias being bullish on the longer timeframe, this is a perfect opportunity to be getting in a long opportunity, something I would even shoot for extended targets. As you guys know, stops below X and targets at the 38.2 and the 61.8, however like mentioned I will be looking for extended targets on this trade so I will be trailing stops on the second half of my position.
Like always, If you have any questions feel free to comment below