XMRUSD is currently consolidating in a triangle pattern. Could be a bearish continuation, or it could be the bottom; who knows? As of now It's currently bouncing off a .886 .786 fib rejection which I will show on the daily timeframe.
On the daily I measured from the 1st swing low to swing high (shown by the yellow arrow) and found that price is retracing off the .618 fib level. I then took a Fibonacci measurement from the swing high to the swing low of the previous .618 fib level and the rejection was the .786 fib level.
On the 2nd swing low to swing high (shown by the yellow arrow) price is also retracing off the .618 fib, again I took a Fibonacci measurement from the swing high to the swing low of the previous .618 fib level but that time up both a .886 & .786 fib rejection.
On the 1 hour timeframe my speculation is that I will see the same price action as my TA shows on the daily timeframe. I'm taking the measurement from the swing high to the swing low, and placing my entry slightly between the .786 & .886 fib level. Reason being is that I'm not sure if the price will making up to the .886 fib level. There's been plenty times my entry came up just shy of the .886.
The reason I didn't display the fib tool that'll show the .618 measurements is because the chart would have been to messy.
XMRUSD Daily timeframe:
On the daily I measured from the 1st swing low to swing high (shown by the yellow arrow) and found that price is retracing off the .618 fib level. I then took a Fibonacci measurement from the swing high to the swing low of the previous .618 fib level and the rejection was the .786 fib level.
On the 2nd swing low to swing high (shown by the yellow arrow) price is also retracing off the .618 fib, again I took a Fibonacci measurement from the swing high to the swing low of the previous .618 fib level but that time up both a .886 & .786 fib rejection.
On the 1 hour timeframe my speculation is that I will see the same price action as my TA shows on the daily timeframe. I'm taking the measurement from the swing high to the swing low, and placing my entry slightly between the .786 & .886 fib level. Reason being is that I'm not sure if the price will making up to the .886 fib level. There's been plenty times my entry came up just shy of the .886.
The reason I didn't display the fib tool that'll show the .618 measurements is because the chart would have been to messy.
XMRUSD Daily timeframe: