I am waiting for a retracement into the 50% Fibonacci zone, where I will take a long position. The reason for this trade is that the market appears to be in a premium state, as determined by drawing the Fibonacci from the swing low that created the previous high. Buying at the current price would be a low-probability trade; therefore, I must wait for price to mitigate the 1-hour FVG while moving into the discount area. The probability of success is higher in this zone since the market is in an overall uptrend, and I will maintain this bias until I see a change in overall character on the higher timeframe.
Trade active
Successful entry i hope it goes as planned Trade closed: target reached
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Disclaimer
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.