If you took this bullish trade then lets look at the charts now one day later.
Whenever you trade a fib retracement then you just concentrate on the entry but do not wait for confirmation of price.
If you are right then you enter on a good price but without confirmation of your lagging indicators like the MACD or Stochastik.
Today I want to share where you might place your stop loss. As you can see I placed mine below the 62% Fib retracement.
If price falls further then I want to take my loss quickly. If this happens then my bullish trade idea has been invalidated and I want to be out of the market.
I also highlighted that yesterdays candle is a hammer which is also known as a reversal candlestick pattern.
If price reverses then it should do it between the 38 to 62% fib levels.
I do prefer to let profits run having no fixed target therefore trailing my stop loss with PSAR.
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