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Ascending trendline touched and not broken,
January 2016 resistance could now become support,
After a failure to create a new low on 03-Dec-2015, we've seen the 61.8% retracement successfully defended 3 times in a row after a new high was made, which could mean the bulls are back in control,
And last but not least: everyone's bearish...
We broke the ascending trendline so we're in a short bias.
On M15 we're seeing a near perfect Gartley. Let's hope to get filled and grab some pips.
Entry at 0.79155
Stop at 0.79205
Target at 0.78700ish
During the Asian session, the 61.8% retracement of yesterday evening's move held its own. Down trend could resume once profits have been taken at the 27.2% extension by the accounts that have been defending this price level. Tight Stop Loss of only 5 pips as this idea is based on the assumption that the bulls will unload and price will fall sharply after 0.8032 is reached.
Hoping on a pullback far enough to get filled. There is confluence of 61.8% retracement, Pivot Line and previous support that could become resistance (price progression).
Target is the 38.2% retracement of the latest Daily upwards move where we also find some historical resistance that may now become support.
Three reasons to go long in this chart:
- 61.8% retracement of latest leg up (blue)
- Support/Resistance level (yellow)
- RSI divergence.
T1 is at the 38% retracement of latest leg down (red) where there's also a support/resistance level (yellow).
T2 is at the 78 % retracement of latest leg down (red) where there's also the 11.4/88.6% distance of the leg up...
We normally trade the 61.8% retracement to get a better Risk:Reward ratio, but in this case, the 50% Fibonacci retrace lines up with a price level that has served both as a support and a resistance in the past. We expect that it will act as a resistance once again, seeing that the last high on the 4-hour chart did not manage to climb above the previous one. Our...