luke1827
Long

USDSGD: Fibonacci Support Levels

Waiting for the price action to retrace to first level of support around 1.2828 before CONSIDERING a LONG.
- Support line here is a confluence between the high-low range's 23.6% retracement mark and the previous wave's high
- Will wait for price action to see a bounce on support before entering market
- If support flushes, I will look to second line of support and WATCH the price action before CONSIDERING a LONG.
- If support holds, I will LONG, targeting 1.3062 for completion of ABCD formation

If price action reaches the second level of support, which is stronger, I will once again CONSIDER a LONG. The price needs to find strong support before I take a LONG.
- Support line here is a confluence of the 38.2% retracement line from the high-low range, the 23.6% retracement mark from the first wave, and @timwest Time at Mode line.
- Target: Previous wave's high at around 1.2972

Considerations:
- Price has broken through downsloping RED trendline which was previous resistance since October 2011
- Dollar index             is still hovering near its highs and might push further up despite recent retracement from NFP data.
- If dollar index             breaks through channel support, I will change my mind and cancel these trade ideas.
luke1827 PRO
2 years ago
@timwest time at mode study applicable here!
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