GBPCAD Fibonacci Analysis: Structure & Fib Confluence at Target
On GBPCAD we have a potential short setup based solely on Fibonacci levels.
After a large drop , price rebounded up to the PINK .618 Fibonacci retracement level , which coincides with the RED 1.272 and 1.414 extension of the recent bullish leg.
High momentum rejection followed and price moved down until it found support at the ORANGE . 618 retracement
I expect price to find resistance at the PURPLE reversal zone between the .382 and . 618 retracement .
If price respects this level, I will look to short and take profit at the BLUE 1.272 extension level.
If you look left, this 1.272 extension has confluence with multiple levels of structure around the 1.736-1.74 prices.
After a large drop , price rebounded up to the PINK .618 Fibonacci retracement level , which coincides with the RED 1.272 and 1.414 extension of the recent bullish leg.
High momentum rejection followed and price moved down until it found support at the ORANGE . 618 retracement
I expect price to find resistance at the PURPLE reversal zone between the .382 and . 618 retracement .
If price respects this level, I will look to short and take profit at the BLUE 1.272 extension level.
If you look left, this 1.272 extension has confluence with multiple levels of structure around the 1.736-1.74 prices.
Comment:
PLEASE ZOOM IN 1X
Trade closed: target reached
Comment:
this trade went EXACTLY as planned.