Up for another back test of old broken ascending channel - support turned resistance - around 11040/11050. Then down she goes for test of descending channel support around 10863/10847. Long then Short.
If you scroll down the original chart, you can see the price actually got very, very close to one of my fib expansion targets at 1.07150 as seen by low on Friday at 1.07074. On the original chart I used different significant swing highs and lows to get overlapping fibs to increase probability of projected range, which is how I derived first downside target of 1.08632/1.08470, as you can see on the hourly this was indeed a consolidation zone before it took its next move down which hit again 2 sets of fib targets, almost identical, one can be seen on chart below. On original chart you can see the 2 overlapping fibs around the same level, again increasing probability of target projection.being met.
As you can see it's an hourly chart so timeframes are short. Target already reached for my long entry late on Friday, so profits are already locked in -I can relax for now. Account is looking good and the week hasn't even started; ) I'm going to watch how the price reacts for now, testing the old broken ascending channel - support turned resistance. What are you trading? KA - 'Kool with a K!'
Finenance
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Hey KoolAid - sounds like you have it sorted! I was just curious as to whether you had a longer term view on EUR/USD as my view is for the USD to retrace soon until around the end of the year before going bullish again into 2016. I need a slightly longer term view for gold than currency :)