FxcInvesting
Long

POTENTIAL FIBONACCI RETRACEMENT HOLD

FX:GBPUSD   British Pound/U.S. Dollar
We have a nice strong channel from the 29.2.2016 and the price just touch the it. The demand zone with 50 % fib retracement can hold, and push price back to supply zone at 1.47000. So we can see the nice forming HH ( higher high ) and HL ( higher low ) formation. This we use to find a potential trend reversal.

Have a nice week !

sir can i get this formula
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check out this:
Structure changing pullback is possible before continuation
, it looks a break out of the trendline.

I'm not sure your way to draw the trendline is correct.
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hao.deng.m hao.deng.m
BTW, The idea is published by Mr.Wave-Trader
https://www.tradingview.com/u/Wave-Trader/
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ReneK hao.deng.m
yes this is correct, wait for consolidation before sell. It's go around 1.35
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Really great! Thank you!
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I am on it :) Entered a bit high @ 1.4338
+1 Reply
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