Hi All,
I'm pretty new to trading (still demo trading) so please don't kill me over this analysis but I would appreciate any feedback. I am bearish for GU because we have been in a downtrend since the beginning of the month. We have recently gone past the 2 touch uptrend line I've drawn on and it seem like we are retesting that trend line with multiple confluences. The confluences are retest of previous resistance turned support, fib level of 0.618 in the same zone and a shooting star candle on which I entered my demo trade. My TP is the previous lows.
I'm pretty new to trading (still demo trading) so please don't kill me over this analysis but I would appreciate any feedback. I am bearish for GU because we have been in a downtrend since the beginning of the month. We have recently gone past the 2 touch uptrend line I've drawn on and it seem like we are retesting that trend line with multiple confluences. The confluences are retest of previous resistance turned support, fib level of 0.618 in the same zone and a shooting star candle on which I entered my demo trade. My TP is the previous lows.