1.618 inversion on the GBPUSD

FX:GBPUSD   British Pound/U.S. Dollar
on the 1 hr             chart we have a 1.618 inversion trade setting up with a couple of extra indications that the market may turn around at this level which include overbought RSI and previous structure looking left. The 1.618 inversion trade includes waiting for a market that is in trend (down trend in this case) to make a correction and break above a previous structure level (resistance in this case) then taking a fib extension from the swing low ( in yellow circle) to the most previous swing high ( in yellow circle ) to find what is called a 1.618 inversion. i put my targets previous resistance because it could become support and stops go above the previous structure highs. COMMENT AND LET ME KNOW WHAT YOU THINK!

if you like this kind of analysis and are interested in learning how to use this trading style and willing to work and backtest these strategies then check out my youtube channel for some free trading education!

Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out