In forex trading, the Fibonacci sequence can also be applied to market behavior to find high-probability trading setups on a wide range of timeframes. Fibonacci retracement is based on the idea that markets will retrace a predictable portion of a move, after which they will continue to move in the original direction. Fibonacci retracement is created by taking two...
In forex trading, the Fibonacci sequence can also be applied to market behavior to find high-probability trading setups on a wide range of timeframes. Fibonacci retracement is based on the idea that markets will retrace a predictable portion of a move, after which they will continue to move in the original direction. Fibonacci retracement is created by taking two...
EURGBP is still moving in a channel. Price has seen the bottom of the channel and now making its way up. Having seen the first move to up and its pullback is a sign for us that the price will try to make the same move again. Trade is active and the Tp's and SL's are on the chart.
We might be starting a nice pullback for 0.50/61.8 starting from daily resistance. Our trend line was broken and the current pullback aims to hit it again.Also rsi shows us we are on oversell area. With the help of all these data we will look for similar ideas on smaller scale to find some good reasons to enter buy position.