Ok, going to throw in a little education from a trade I got on earlier. Nothing overly special from this trade. 30 pip move (and counting hopefully, the trade is still running).
First of all, I always draw my Fibonacci tool from top to bottom, never bottom to top but I appreciate there are people who do otherwise.
So drawing from swing high(0.90517) on the 1H...
The last few days has brought home some important insights about of currency pairs. The pair is a ratio of demand of one currency over another.
I couldn't go into every aspect of this in the video in just 10 min.
Based on my observations (which are not rules):
1. All pairs quoted in US-Dollars are vulnerable, as the Dollar heads south around this time.
Can we see this rise above the 115.000 as per the news,
Analysts at Nomura we expect a 0.2% (0.244%) m-o-m increase in US core CPI inflation for September following a 0.082% advance in August
we could see this raise even with the bullish wedge seen on our chart