I am posting this idea based on Monthly Fibonacci 61.8% Retracement and Previous Support and Resistance values
i have made certain assumptions.
Reasons For Entry
1. The Market is Bullish See Monthly Chart Posted Below
2. There is a major Pivot ( S - R ) Level @ 0.7300 See Monthly Chart Posted Below
3. The 38.2% Retracement of the Last Major Bullish Move See...
This is setup based on My Bearish Sentiment
I have Reviewed Top Down Analysis From Weekly/ Daily/ and 4 Hour Charts (the following are my reasons for entry)
1. weekly chart is in a down trend
2. Daily Chart is in a Downtrend upper limit of trend channel not broken by test is i posted on Thursday
3. 4 hour chart shows greater likely-hood to move down (as can...
Reason for Entry
1. Possible Cypher Pattern Completion
2. ( D ) Falls Within Period of Consolidation
3. ( X ) is Structure Support ( Brexit Low )
Place ( 2 ) Buy Limit @ 1.2940 ( Front Run My Orders 5 Pips )
Place ( 2 ) Stop Loss @ 1.2725 ( 113% Extension of A to X )
Place Take Profit # 1 @ 1.3135 ( 36.2% Retracement D to C ) ( Front Run My...
I will be monitoring this pair over the next week
most likely scenario based on news today is a reversal from top of SR zone
i will be looking for a buy limit at bottom of zone next week
i will not be trading this over the weekend
And please monitor oil price ( heavily correlated to WTI )
Comments will be greatly appreciated