THIS THING IS FOR EDUCATION PURPOSE ONLY WHERE U CAN SEE BASICS ARE BEING RESPECTED. A & B -----> AT THIS LEVEL SELLERS ARE IN FULL CONTROL AND THEY ARE READY TO SELL EVERYTHING THEY GOT. THIS IS WORKING AS A GOOD RESISTANCE LEVEL.
C-----> AT THIS LEVEL IT IS INITIALLY CAN BE SEEN AS RESISTANCE WHERE SELLERS ARE EAGER TO SELL. BUT BUYERS ARE ALSO READY TO BUY SO IT BECOMES A SUPPORT. PRICE IS FLUCTUATING BETWEEN 78% AND 127% FIB LEVEL. SO SHORT TERM TRADERS WHO PUT STOP LOSS NEAR BREAKOUT(SUPPORT AND RESISTANCE) HAVING LOSS.
E & F---->THESE ARE GOOD VOLUMES TO SUPPORT BUYERS TO GAIN CONTROL OVER SELLERS. MY READINGS ------> OVERALL IT MARKET IS FACING PRESSURE . SO... BELOW ARE TRADING SETUPS WHICH I THINK MAY(NOT SURE) WORK.
LONG---> GO LONG IF IT CLOSES ABOVE AND PUT STOP LOSS AT 100%. TARGET---> 261% FIB LEVEL. SHORT--> GO SHORT IF IT CLOSES BELOW AND PUT STOP LOSS AT 100%. TARGET---> 0.0% FIB LEVEL.