We do not buy/short just because it is at a common retracement level! Wait, and look for candlestick patterns to develop at the 38.2% area. If we do not see any signs of a reversal, then it may go down to the 50% area. Look for a reversal there. We do not know if or when the fx will reverse at a Fibonacci level! We just mark these areas on a chart and wait for signal to go long or short.
Just remember...Price is king. Wait for signs of a CS reversal before you initiate a trade!
Happy trading and good luck all...trade what you see not what you think!
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