Daily is trending higher forming a beautiful higher high. The 5 wave impulse pattern that appears to have more room to run. Daily is also .
The Fibonacci fan is calculated using rise over run (slope) which is the basis of calculus and links to derivatives that are used to capture the scale and perspective of human emotion in charts and identify cycles that have been known to repeat through out history.
The fans start point is to the low before the lasting move higher (9/2012) Month/Year
The highest point (1/2016)Month/Year
The lowest point (9/17)Month/Year
Going into next week..
I will be looking for pullbacks. I believe this trend is due to move higher and this will require EURUSD to be weak. The profit target is aided by the Fibonacci fan, back to the mean theory and extension levels that are obviously in acting force on this market.
I will also be testing a new strategy. Observing short term support levels on 30 minute charts and running 30 pip stop and 30 pip target with 10 pip trailing profit. Using this strategy I am trying to satisfy my desire to trade while also maintaining swing trade positions which will be long in this currency pair.
Patients will be key by waiting to confirm trade signals around major levels. I would love to see price pull back to test that old extension level. Entries and exits will be posted
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Disclaimer: Your data may be different. |V1-T1 = 1-Trade 1| Material is educational only. Trade at your own risk!
Getting ready to go it.