Follow up from last weeks short entry - Very detailed support and resistance analysis I expect all levels and channel to be respected as S/R and breakout areas Fibonacci retrace level suggest we may be currently reversing off the current 61.8% cluster price has sat on during the weekend, the last 5 hour candles have tested this level. CCI suggesting a bearish...
Back with an example of key support and resistance levels on the H4 chart - Fibonacci retrace levels share strong confluence with pre-drawn S/R lines - Stops at 61.8% level with hopefully a smooth ride down staying within the tend line. Good luck trading!
Detailed support and resistance x Fibonacci analysis First target - 125.400 trailing stop from then on. Heavy volume expected today due to high impact news release, really make or break with this trade - Many fundamental analysis expecting a breach of 130.000 though I believe a powerful pullback is imminent regardless of BoC outcome. Longs and shorts will both...
First target hit on original idea published Detailed S/R x Fibonacci analysis. Clusters of fib numbers show key S/R x pivot points. Hope to break and exit cloud by end of week, lets see what happens!
Very detailed S/R X Fib analysis.
As you know, Drawn SR of strong S/R levels on chart - 61.8 reversal currently in action.
Lets see what happens..
Drawn S/R on W1 very strong levels, Fib retrace shows 38.2% reversal occuring CCI Dropping. First target 23.6% - Second 0% - Stop on kumo support but will we test it at all? who knows :)
I draw my own S/R to show where price is respecting levels, You will find Fib retraces often line up pretty well with these lines :) Draw your S/R first then add fibs, you'll see. CCI peaked and is now heading south. Current 50% Fib reversal, Hopefully we are all down from here! Good Luck Trading!