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I've attached a 15-min chart. I kept the 2 Fibo Fans and switched chart to 15-min.
We can see the excellent support and resistance (S&R) it provided.
The Fibo Fan pointing up was announced a couple of days ago and was easy.
The Fibo Fan going down - the high was easy but the low was not. What I do is try a particular point and wait for the market to confirm.
As each of the 1st 2 areas of S&R (see black arrows) was confirmed, we know that was a good pull of that Fibo Fan. This would assist us going forward.
After 13:00 5-min candle closed below Asian low of 1.2091 (brown horizontal line), it re-entered Asian range and formed a new Point C.
Extension bounced off of 1-hour 50% fib (see recent post).
A = 12:00 GMT high 1.2152
B = 13:25 GMT low 1.2078
C = 14:10 GMT high 1.2130
FE 100 = 1.2057
FE 127 = 1.2037
FE 161.8 = 1.2012
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First ABC was false breakout.
2nd ABC (attached chart) still in progress after hitting FE 100 and 1-Hr 50% retrace fib. Confirmation candle moved quite fast (large). If we do not have a "tolerance" amount of pips to wait before close of that candle, it would have cost us too many pips prior to entry.
A 15-15 pip strategy would have realized a loss with 1st ABC and success with 2nd ABC.
A bit tricky as data release (consumer sentiment) occurred in U.S.
I've attached a 15-min chart. I kept the 2 Fibo Fans and switched chart to 15-min.We can see the excellent support and resistance (S&R) it provided.The Fibo Fan pointing up was announced a couple of days ago and was easy. The Fibo Fan going down - the high was easy but the low was not. What I do is try a particular point and wait for the market to confirm. As each of the 1st 2 areas of S&R (see black arrows) was confirmed, we know that was a good pull of that Fibo Fan. This would assist us going forward.
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We keep the high for the fibo fan to June 4th 09:00 GMT.
Low had been moved up during pair's ascent, but now we want to move it back down a notch. June 10th 08:00 GMT. We'll keep moving it down should it move past our last lower fib.
Caution shorting EUR/USD after the last extension.
EUR/GBP has just broke a resistance level and had already been strong long, pulling Euro pairs higher.
Looking at the 1-Hour EUR/GBP, thus far it is failing to confirm (close) above resistance of .8316. We'll keep an eye on this
With end of week, profit taking should be in play with a retrace of that pair. This would allow EUR/USD to move lower.
Last trade of the day/week, we plot ABC on EUR/USD.
B = 1.2045
FE 100 = 1.1995
Retrace on EUR/GBP - 38.2% = .8278
Last trade of the day/week, we plot ABC on EUR/USD. B = 1.2045FE 100 = 1.1995Retrace on EUR/GBP - 38.2% = .8278
EUR/USD 1-Hr 38.2% fib = 1.2005
EUR/GBP
15-Min char
What we want to do is curve fit a set of retrace fibs.
Low = 08:00 GMT .8236
High = 16:45 GMT .8320
We can see the lows had rested on the 23.6% retrace fib in prior action.
A short now would target:
38.2% = .8284
50% = .8273
Stop-loss benefit of this is fairly tight S/L above .8320. Risk/Reward should be good.
As we entr the close of the week, EUR/GBP making a valiant effort to confirm/extend above .8316, probing price .8322 at the moment. Near-term resistance is previous high of .8337.
Intermediate/advance counter-trend trading here. Let's switch to the 15-min chart and apply a fib indicator that moves with the market, which I've attached herewith. Using it will speed up the process of readjusting our fibs.
Time is running out so any thoughts of a short must come with the realization that we have to exit by end of day.
EUR/GBP
Tight ABC upwards has
FE 100 = .8323 (hit)
FE 127 = .8330
FE 161.8 = .8339