GBP/USD
some reference points that are way more useful than FIBO.
After an initial jolt, market will always try to balance itself and the guiding line of balance will be EMA27. The trajectory of daily EMA27 is still pointing downwards and daily chart has yet to overcome the influence from the huge brexit candle. In theory, as long as your current timeframe is below the EMA27 of the upper timeframe, you should follow the same direction. Current trajectory on daily chart is approximately 100pips every 3 days or ~30pips daily; so one can anticipate when the approximate time of change will arrive. All the above is based on assumption that no new low has been achieved.
By the way this is only for study purpose, there is no way one can trade on a daily chart or even hourly charts, when every single move is at least 100pips or more.
After an initial jolt, market will always try to balance itself and the guiding line of balance will be EMA27. The trajectory of daily EMA27 is still pointing downwards and daily chart has yet to overcome the influence from the huge brexit candle. In theory, as long as your current timeframe is below the EMA27 of the upper timeframe, you should follow the same direction. Current trajectory on daily chart is approximately 100pips every 3 days or ~30pips daily; so one can anticipate when the approximate time of change will arrive. All the above is based on assumption that no new low has been achieved.
By the way this is only for study purpose, there is no way one can trade on a daily chart or even hourly charts, when every single move is at least 100pips or more.
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