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  1. #1
    Active Member

    breaking 100% fib !!!

    At 9:00 am price action broke a strong support line on the 30 min chart and broke a short term trendline. two EMA crossed down but no other comformation. ** Since the original long term trend is down and this indicated that price action was resuming the trend I should have entered the trade here, I waited for more comformation.
    the 9:30 candle continued down and was a large candle for the previous two days Stoctastics was 33 RSI was 45, I took the trade with a 4 hour expiry giving time for a retracement and continuation. At 9:30 the candle had broken 100% Fib , Psar had crossed up and macd had crossed down.

  2. #2
    Legendry Member Michael Hodges's Avatar
    A cross of the 100% fib is often the sign of a bottom, and not a continuation of a downtrend... especially if it is support on a higher time frame like the daily charts....

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