I inserted Fib from highest high to lowest low as you can see on chart. You can see price has REACTED off 618 which considering to be powerful number. Price action has reacted off 61.8 17 times in over 8 years period until it has broken through 61.8 which is support and drifted lower and lower. Now, current price action has almost reached 618 which las saw 61.8 which was 8 years ago. I am going to wait until 00:00 to see weekly candlestick, if its black, it'll probably move closer to 61.8 before opening a sell to1470 and 1370 which is 2000 pips move. If price has broken through 61.8 then it could possibly reach 1600 and 1700 which is 1500 pips move.
I am new to trading so my analysis could be wrong with pips count etc but I'm learning and any comment would be appreciated to help me develop better.
Kind regards
I am new to trading so my analysis could be wrong with pips count etc but I'm learning and any comment would be appreciated to help me develop better.
Kind regards