Posted in the VIP group on the evening of 10/08$BNB The short position strategy has now reached the first profit stop position. Here I will give you a logical analysis of the strategy.
First, we open the daily level chart, where we can find an obvious wedge break. The upper pressure line happens to be the support and resistance exchange interval, and the trend line retracement has been completed.
We open the 4-hour level chart here, and use the previous wave of decline to pull out the Fibonacci retracement. We can find that there is a 0.618 callback ahead, and we can try to enter the market to short. Here we set the take profit 1 at the target 1.618 of 0.618, the take profit 2 at the Fibonacci 2 point, the take profit 3 is based on the equidistant decline in Figure 1, and the take profit 4 is set at the previous low of the large level, and we get this strategy.
The analysis here makes extensive use of Fibonacci tools to assist us in making judgments. Friends who don’t know Fibonacci yet are welcome to visit the homepage to keep up with the learning!
