Trend Continuation Trade
- Multiple Fib Clustering
- Complex Trend Analysis
Awaiting price to pullback to 1536.200 before entering a short trade and aiming for $1512.00
Stop Loss 52 pips above entry.
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My short term bias is bearish down to the bullish 4hr trendline and the $1518 price zone. This is where the 0.618 retracement of the last bullish wave sits along with the -0.27 fib extension from this weeks early pullback after the weekend gap was closed.
Once price hits the $1518 zone I will look for the break or bounce of the bullish trendline. Ideally, long...
A retest of 105 may cause a strong break of which would see USD/JPY continue on its downside run, where as if it test and doesn't hold it may bounce up into a uptrend and in that case im looking for 107.500.
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
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.