At that point, buyers take-over and force a bullish breakout at the same 76.4% retracement that had previously held the highs . And after the breakout takes place, buyers continue to drive as a fresh short-term bullish trend has formed.For traders implementing strategy across markets, there are two primary ways of going about it. Traders can look for directional moves or they can look for mean reversion.
So key for such approaches are strong risk and trade management, along with an analytical framework that can produce support or resistance levels that can allow for the strategy to be properly implemented. Fibonacci can certainly help in that regards.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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