I placed my sell entry based on Fibonacci retracement .23% right after breakout of S3 at price 1.32821 and the take profit at .618% Fib at price 1.31751 and the stop loss just right at R3 at price 1.33060. This is a high probability trade with 4:1 risk and reward ratio.
Main Support Levels: S1: 1.3292 Main Resistance Levels: R1: 1.3299
S2: 1.3288 ...
GBPYJPY 4H - This week, GBP moved tremendously to 750 pips. This trend is looking to continue moving up next week until .618 fib retracement. Wait until it breaks out at the channel and enter trade @139.096 and set the first target @ 141.981 and second target @148.164.
When second target is reached, start setting up your sell setup.
EURUSD 4H - Price dropped 120 pips on Friday in the context of weak uptrend. Movement below the support line at 1.1100 will result in a clean bearish confirmation pattern, while movement above the resistance line at 1.1350 will strengthen the ongoing bullish swing, boosting hopes of hitting the first and second targets.
GBPUSD 4H - looks like this pair will continue to be bearish based on the fib extension. Looking forward to hit the 1st target then retrace and move down to the second target.
Trade responsibly! Please comments and share other ideas.