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786 Fibonacci Retracement

My latest Short Term Sell Trade Explained #forex In response for your requests guys to explain the rational behind the live trade we took on GBPCHF. Here is the explanation. On the left hand side daily chart, the price started the bearish behavior on the 78.6 retracement level for the overall bearish wave as shown on chart. As it formed two major bearish shooting star candles. That was not enough for me to initiate the trade so i moved to the lower time frame(4-hour) for the final confirmation. The price has indeed broken back below the prior high at 1.2868 and below the hanging man candle. That was accompanied by bearish divergence on RSI and that assured that the trade is a high probability one. If you were following my updates on the channel, you would know that i put a limit short order as shown on chart. The targets was just reached minutes ago for 157 pips gain. Adding to my account 4.37% gain this month. Best of luck and keep posted.
Education
by Technician
121
Sell sign on EUR/GBPUsing the following to back a short entry on EUR/GBP on the daily chart: - inside bar - resistance at ~0.7120 - mother candle rejects: - 50 ema and closes below - 0.786 Fibonacci level and closes below - Fibonacci cluster - falling trend line for the 4th time closing within the downward trend channel - Stochastic hidden bearish divergence (comparison of swing highs), and Stochastic and RSI convergence entry - below low of inside bar stop loss - above high of mother bar target - previous swing low or lower
Short
by amanpaulbhogal
AT MARKET GARTLEY SHORT ON THE USDCADAs we come to the close of the week, the markets have been extremely quite. However the has been a few trading opportunities this week despite the calm. I want to look at the USDCAD bear gartley pattern that is currently on market. Personally due the risk factor i can't trade it. Stops on this one line up pretty well close to structure giving you a good reward to risk ratio. My motivation is if we see resistance hold then i would look to short this bad boy all the way down. Good Trading Guys
Short
by Siyabonga_Ngcobo
2