Trade setup with fibonacci

This setup is on daily timeframe.

Stoploss at 0.38 level i.e. below the resistance line of pattern which should act as support now.

If the 0.61 level is break the we will get the confirmation that the trend is changed.
The uptrend will begin and 52 week high will be our major resistance and the target too.
Because it's 52 week high it's strong resistance,
so to go a little safe I will plan the target little below it.

The RR ratio is not that pretty. It's 1.27.

An example of price action analysis with fibonacci.

This post for educational purpose only.


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.