Some technical aspect behind this setup. However, the long and short of it is. If we leg a fib from this low to the recent high we can see Price made a significant impulse up and a rather slower pull back, So, high to low fib we can see that the 50% fib lines up nicely with the previous price action to the left which i have marked in a yellow box. We did see the pair rejecting this yesterday with a wick through to touch the 61.80% and from that we saw a small bullish run up.
Looking into this morning's London open we can see price has made a little rally back down towards our ideal entry of the 50% so as price has now corrected we should now see a continuation off this level running up to meet our target. The Trendlines i have included are for my own purpose to just monitor how price plays out on the lower timeframes. Remember higher timeframes show a clearer picture whilst the smaller timeframes show a more in depth view. Think of timeframes as a helicopter. To get a full view a helicopter will go high in the sky showing a full overview of what it is looking at (high time frames, Weekly, Daily) when the helicopter get's lower (4hr, 1hr timeframes) you start to see things a bit more in depth and you can scale into the trade.
Don't be scared to start high and work your way in.
Looking into this morning's London open we can see price has made a little rally back down towards our ideal entry of the 50% so as price has now corrected we should now see a continuation off this level running up to meet our target. The Trendlines i have included are for my own purpose to just monitor how price plays out on the lower timeframes. Remember higher timeframes show a clearer picture whilst the smaller timeframes show a more in depth view. Think of timeframes as a helicopter. To get a full view a helicopter will go high in the sky showing a full overview of what it is looking at (high time frames, Weekly, Daily) when the helicopter get's lower (4hr, 1hr timeframes) you start to see things a bit more in depth and you can scale into the trade.
Don't be scared to start high and work your way in.