EUR has been really strong against the GBP which is struggling due to Brexit - DEAL OR NO DEAL uncertainty. I predict that there is a short opportunity within this market for the time being. Using the Fib levels , will have to wait & see if price reaches any of the crucial levels (0.618/0.5/0.382) before the down trend continues . Alternative if the Bearish momentum is too strong price will not even reach the Fib levels resulting in price starting to go lower anytime now. For now for its a wait and see before entering trading, more updates to follow.
Trade active:
It seem price has struggled to go beyond Fib 0.5 level, hence ive now entered trade
Trade active:
This has been a very screechy trade with price in an consolidation. Whoever as price as failed to raise in the past 24hrs this give me confidence that price met resistance at Fib 0.5, with that i predict a bearish outlook for the remainder of the week. However as nothing is certain in trading am keeping a hawk eye on this trade as it highly likely to go any way.
Trade active:
So far so GOOD, trade going as predicted but at such a lethargic pace (honestly ive fallen asleep, woken up , went back to sleep -REPEAT- ) aah but hey that's the way the cookie crumbles sometime. Hopefully now that price is under the Moving averages, Bears will take a grip of this market & show big strides (Marubozu candles) lowing price much faster. My initial Take profit is at Fib level 1.618 (0.92114) then finally at Fib 2.618 (0.91415) . I've moved Stop loss to break-even (0.9289) incase there are any nasty surprises overnight ...Good night folks (lights out)
Trade active:
So am still in this trade as it going well as i predicted . Price blasted past my initial take profit @ Fib level 1.618 however ive come to realise that had i taken this trade purely on Price Action tech analysis other than Fibonacci , i would have placed final take profit at 0.91623. This is a previous price area for Resistance (on 1/08/19) & Support (on 06/08/19). Hence this price area will not be broken easily thus price is retracing from it (at the time of writing). Anyway am in this trade based on Fibonacci so will sit it out till hopefully price reaches that 2.618 (0.9289) level. As its Friday , i will be bring,n this trade home as i DONT want to be hit by weekend Swap fees, (Parking fines) lol
Trade closed: target reached:
So price has now reached my set target @ Fib level 2.618 . Its nice to see my Fibonacci analysis has worked, bagging me close to 150pip (exactly 148.03 pip). Its Friday so am off to grab a beer. Hope everyone has a good weekend, stay safe & catch you next week with more trading insight.....adios amigos!