Basic fib clustering technique combining multiple timeframe trend analysis to get high accuracy entries with a larger R:R.
Using the current 4hr bullish trend to enter a long trade on the ent higher low, Fib & TL bounce.
I am aiming for the target trend fib -0.27 extension to maximise reward:risk ratio.
I am attempting to short US Oil again but this time I have the added confluence of the CTL being broken and retested.
Another bearish wick rejection of the trendline and daily 50ema occurred yesterday swell. This gives me greater confidence.
I am still targeting $51 per barrel
Gold has reached the $1280/$1230 intraday resistance level again and has shown multiple rejections of this liquidity zone. I am looking to short gold back down to the $1400 key level.
We also have the 0.786 retracement level in this region from the last highs and lower lows. Price has also actually broken a major bullish trendline that was present form $1270 up...
FTSE100 is making some nice consolidation on the 1hr timeframe and is now breaking the lower TL.
I will wait for a clean break and then short on the retest and lower high. Targeting new lower lows at 7000
USDCAD Short Trade
Daily/Weekly bearish TL broken and retested
Price is below the daily Fib 0.786
Counter trend fib -0.27 extension rejected.
Targeting daily fib -0.27 extension (new lower low) at 1.29
Stop loss is placed above the daily 0.786 fib level