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🔴🔴 Important Update 🔴🔴
1. *Higher time frame analysis*: Identify support and resistance levels on at least a 15-minute chart to understand the bigger picture.
2. *Chart patterns*: Look for patterns like triangles, wedges, and channels to anticipate potential price movements.
3. *Fibonacci retracement*: Use Fibonacci levels to predict potential reversal points and confirm trend direction.
4. *Volume and moving averages*: Monitor volume and moving averages to gauge market sentiment and trend strength.
5. *Stop-loss*: Always set a stop-loss, especially for overnight trades, to limit potential losses.
Additionally, it's great that you:
- Used automated Fibonacci retracement to identify potential reversal points
- Analyzed the chart to confirm the trade setup
- Secured a profit of $120 while managing risk
Remember, discipline and patience are key in trading. Stick to your strategy, and don't hesitate to adjust it as needed based on market conditions.
Keep sharing your trading insights, and let's continue to learn from each other!
