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Fibonnaci

USDCAD: Patience will be the winnerMost traders are anticipating the drop of the USDCAD in the broader perspective. I still think it is a little early for the USDCAD to drop, but only time will tell. For now we need to watch price retest the highs it made this past week. If it fails to form new highs then we can look for a short opportunity and hold it. I am expecting the price to at least get to the 71.8 fib level before reversing to match the AB leg, forming the CD leg with an bearish implusive wave.
by AbdorhmanThi
Descending Channel on USDCHFExpanding on my previous idea of apparent Double Top formation on this pair, I've gone into greater depth about the path that it might potentially take. The current trend that we can see the pair taking is outlined by the descending blue lines that form a clear channel. From this (and the overall double top), we can see that there is a higher probability that the price will continue to fall within this channel compared to it breaking through and reversing the overall trend. Then the question then becomes: How far will it drop and what will it look like? The fibonacci retracement lines that I've used here line up very well with past major S&R levels where the price bounced off of. If the price drops into the green zone, we can predict that it will drop to the 0.786 level, making stops at the 0.5 and 0.6 levels where it may experience some brief consolidation. The RSI level is also identical to that seen on the 8/03/2017 where it experienced a minor reversal to keep the price within this descending channel. The price may even dip below the 0.96768 level but this works for the purpose of illustrating the inner-workings of trading a descending channel within an apparent double top formation. Of course this pattern could always turn on a dime, and although the USD is becoming calmer as a result of investors settling with Trump's presidency, there is still a chance that the price might adversely react and exit the channel entirely - so prepare accordingly. Setup Entry: 1.00082 SL: 1.00716 (Adjust to channel borders) TP: 0.96768
Short
by Cohiba93
1
LTCBTC possible short towards 50% level I see here slight potential for short position. Level 78.60% wasn't breached for the last 8 hours. My experience tells me that the last two shadows are not the lowest lows and the pair will try to go down below 10 dollar mark. I wouldn't be surprised if the market would try to test 10$ few more times. I personally believe that as such.... :)) the smaller intervals then 4H in cryptocurrency market are not reliable source of market information. I set SL and TP. Whatever will happen I would watch 10$ level carefully. I see two possibilities here If the pair go thru 10 dollar mark it should go further south and then probably it should reach 50% level of the strong bullish movement If the pair will be sustained above 10$ level it will create strong support and good indicator for further gains of LTC ...once again I think that when pair will meet 200 Ema on 4H there is a good chance that the price will get nice push but I'm not sure if it will last long or just bounce for short period of time just to go back down.
KRAKEN:LTCUSDShort
by Krystiannwk
EUR/GBP - POST REFERENDUMEvaluating the strength of the EUR against GBP, comparing this to GBP/USD, August seems to be a key month where we see the beginning of a trend occur following economic events such as a recession, eurozone crisis, eu referendum etc.. Following events yesterday, the GBP has significantly declined in value and i believe below are a few reasons that has resulted in the decline of the pound and could see it decline further: 1) Foreign Direct Investment - with high levels of volatility and uncertainty, with the threat of now entering a recession, the levels of FDI will decline. 2) Immigration - migrants from the EU have grew the workforce by 0.5% in the past 12 months, helping to achieve growth in the economy, something the UK economy will now lose access to through the free movement of labour. 3) Housing Market - we could see a fall now in house prices, again foreign investors will be reluctant to invest in property when they are uncertain of the future economic effects the EU referendum could have on the country. From the reasons above i suspect a huge decline in the value of the pound. From this, i expect the value of the EUR against the GBP to increase to the projected value of around 0.87834 which are 2013 highs. At the moment we are testing the 61.8% fibonnaci retracement level of 0.80996, once we break through this i expect a strong move towards upwards. Let me know what you think in the comments below.
by MitchellShoesmith
Extremely Marvellous Looking Trading SetupI am Now Buying This One After Confirmation of the bullish Candle. Take Profit is at 161.8% extension. Stop loss is below this low candle wick another candle close if next candle closes below this low wick of this candle then i am out. on the other hand if a shake happens with a wick i will wait for market to close below this low wick to be out of this trade. Happy Trading Fundamental Analysis: Fundamentals are in favour of the Non farm payrolls by saying that us jobs will come at 225 greater than previous so i think i am quite good to be at positive side.
INDEX:DXYLong
by 2Smart2Trade
4
GBPAUD long to 1.982Okay so on the chart I have noticed that the channel was finally broken the other day - only for the breakout to be rejected with a huge comedown back into the channel. By applying a Fibonacci retracement to this new high we can identify future S/R levels. Now we're currently at the 0.5 Fib level (1.966) and there was a slight breakout from the channel but this time a bearish one. However, like the last breakout, the price appears to be rejecting the breakout and it wants to go back into the channel. This could be due to the support factor of the 0.5 FIb and the Cloud. Therefore, if the price were to continue and once again reject the breakout, let's aim for the 0.236 level at 1.9822 with a nice risk reward of 3:1. I've applied a tight stop just below the cloud - if the price were to drop then it would not doubt continue a bearish rally.
by AaronLeggett