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Fibonacci Retracement

Sell GBPJPY (educational)Sell GBPJPY (educational) "kalbotical retracement confluence 1" 1. Up Trend line broken 2. down Trend line formed 3. second leg has a strongest momentum so possible third leg for some kind of 1-2-3-4-5 structure ) You can catch momentu e.g with Squeeze Momentum Indicator 4. Look left for S/R zone 5 perfect Fib level - .618 6. Kalbot RSI shows the fastRSI line in the overbought area, so there is a possible end of retracement 7. Top predictor (or your mentor) loves this structure too 8. Plan your trade trade with one of possible strategies . e.g countertrendline break ( 9 ) strategy StopLoss 30 pips above U-turn Take profit :- 100 pips (3:1 trade) :- or -0.25 Fibs extension (10) :- or Look left for S/R level (11) 12 trade your plan
Education
by quql
1
My latest Short Term Sell Trade Explained #forex In response for your requests guys to explain the rational behind the live trade we took on GBPCHF. Here is the explanation. On the left hand side daily chart, the price started the bearish behavior on the 78.6 retracement level for the overall bearish wave as shown on chart. As it formed two major bearish shooting star candles. That was not enough for me to initiate the trade so i moved to the lower time frame(4-hour) for the final confirmation. The price has indeed broken back below the prior high at 1.2868 and below the hanging man candle. That was accompanied by bearish divergence on RSI and that assured that the trade is a high probability one. If you were following my updates on the channel, you would know that i put a limit short order as shown on chart. The targets was just reached minutes ago for 157 pips gain. Adding to my account 4.37% gain this month. Best of luck and keep posted.
Education
by Technician
121
USD/JPY - 2618 Trade Explained USD/JPY - H1 - 2618 Trade Explained Having had a double top and now approaching a retracement back into the 61.8% Fib level, we can now look for reasons to short the USD. Unlike patterns we can't just place BUY or SELL orders in advanced. Once we have completed the rules of engagement below, we are looking for confluence within a certain area that all coincide. This in the long term will give us a better success rate. Rules Of Engagement 2618 - Double Top - Break below Neckline / Support - 0.618% Fibonacci retracement - Stop loss above double top - Target 1 at 38.2% Fibonacci - Target 2 at 61.8% Fibonacci Good luck.
Education
by UnknownUnicorn180388
15