Fibonacci was an Italian mathematician who came up with the Fibonacci numbers. They are extremely popular with technical analysts who trade the financial markets, since they can be applied to any timeframe. The most common kinds of Fibonacci levels are retracement levels and extension levels. Fibonacci retracement levels indicate levels to which the price could retrace before resuming the trend. It's a simple division of the vertical distance between a significant low and a significant high (or vice versa) into sections based on the key ratios of 23.6%, 38.2%, 50% and 61.8%.
Price tends to come back to these levels before continuing the predominant trend. Fibonacci extension levels indicate levels that the price could reach after an initial swing and retracement. TradingView has a smart drawing tool for Fibonacci retracements and one for Fibonacci extensions that allow users to visually identify these levels on a chart. Both tools are fully customizable and levels can be changed or added.
Potential to long EURAUD and keep riding the current bullish trend.
Consecutive higher highs and higher lows being made. The bottom trendline has held strong with the 4hr 50EMA
Looking for a new higher high and targeting the -0.27 fib extension for target profit 1.
If this level breaks then the larger fib extension could be reached for over 5:1 RR
Nice little rising wedge forming with resistance around 1.28477, also candles are weakening at the top of the wedge.
Would wait to see if it breaks the resistance although I think it will.
This is the more detailed entry for my long position. I shared this set up previously and was waiting for the sell off down to my buy zone.
All analysis is on the chart.
TP 1 is the previous resistance and fib -0.618 extension
TP2 is longer term at 0.66
Alternative to yesterdays bearish scenario, watching for the bounce off 200ma 4h which we got, so now watching for invalidation of bullish run. If we drop below 7450 i will revert to yesterdays bearish chart to watch for validation/invalidations at each wave point
For EURUSD I'm looking for selling opportunities as all timeframes show bearish signals. Looking for a reversal on daily supply zone and wait for a bearish candle to enter the market. Profit target can be set on fib level -0.278%. Let's see what happens at the end of the week.
Another higher low forming on gold.
Got a nice rejection of the fib 0.786 retracement level and the broken bullish TL.
Looking for a lower lower to be made on this timeframe swell as the daily. Hence my target target profit of $1455/$1450
2019 Cryptocurrency (Elliott Wave): Inflection Point
bitcointalk.org
From the 2018 bear market low set on 15-DEC-2018, the Bitcoin bull market has gained 340% into the high of 26-JUN-2019. Since then, the largest pullback of the 2019 bull market has been underway, thus far a 35% decline heading into...
Resistance at 2.0 held strong (daily double top)
Daily TL broken and retested.
4hr timeframe maintaining a lower high and rejecting TL
Looking to short down to new lower lows and then long term support at 1.83500
Price is currently in a ascending channel respecting both support and resistance on numerous occasions, creating higher highs and higher lows. We reached a strong area of resistance at around 1.000080 ( highlighted yellow ) and failed to break above closing with a nice wick rejection. We then made another drop to the downside where we are today.
I am looking for...
Counter trend pullback in to the broken bearish TL and support zone.
Inverse right shoulder to form at 0.62500 and then go long to new highs at 0.64200
All positions and orders are marked on the chart.
Look carefully. I'm not saying to that anybody needs to trade 3-day time frames.
The point of this chart is to show that there is an overdue correction - and I don't know when it's gonna happen. Why? Cuz unlike many out here, I have no crystal ball - and I don't own the future.
Elliott waves are not to be interpreted rigidly. Fibonacci does not tell markets...
$BTC forming a tentative diamond reversal on 3D chart right at 1.272 fib extension level, with a potential break up on or before 16th Oct, target for me would be the 0.618 fib extension and beyond.
Note:
This pattern is invalidated if there is no break post date.
These patterns do have relative probabilities of continuing their prior trend
Long term short position on the Dow Jones entered.
Entered at 26750 (26,800 on my broker price feed) which is my previous support now resistance. Lower high, trendline in this zone and Fibonacci Retracement level.
Targeting new lower lows at 25,200
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