Student’s Question:
NZDCHF daily chart
Price first breached 50.0 Fib line, followed by a bearish engulf candle, at this point we look for a sell entry. Then we saw price breached 38.2 Fib line with a long wick, sell entry will be put at 50% point of the wick.
Power Course Instructor’s Response:
Good Fib example...
Since neither of the two candles closed above the 50% Fib level and merely "wicked" above it, a short position (in the direction of the Daily trend) could be taken at the opening of that second candle with a stop just above the wick of the first...see the chart below…nice work.
