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EURUSD Daily Fibo Channel with its Extensions and why 1.08 now Drawing a fibonacci channel with the help of the two bottoms from Srping 2015 and the top of May gives us surprisingly nice levels to watch (tried to mark with ellipses) at bigger witch trends reversed, together with its extensions after the channel broke, finding nice support on 1st of December at 1.618 channel extension, finding later support on next extension level of 1.5 after 0.618 retrace. Now the the rate is sitting on 1.382 channel level and 0.5 retrace of previous leg. For over a month, after the EURUSD surge on 3rd of December, seems like the pair found strong support at 1.08, being broken only once but previous support could not hold as new resistance, being violently broken back. Now, to break again 1.08 support means breaking 0.5 retrace of the 3rd to 8th of December rally, 0.618 retrace of previous leg up and above all, means breaking the 50 MA and a huge strucure level formed for almost a year! The range we are trading at the moment is situated between this important support level of 1.08 and December's rally 1.105 top which are also the the 50 and 100 MAs now and have served as important SR dring 2015. Thank you for wathcing the chart and happy trading everyone!
by Aurocks_AIF
SHORTING EURGBP AT RESISTANCE, FIBONACCI LEVEL AND "BROKEN FANG"The EURGBP0.18% has multiple times had trouble with the dashed blue line (both now and in the past, go the the 4hr chart!) but has recently broken through it and is now coming back up. We look to short it when it comes back into the 0.7155s again as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. We are also in an obvious downtrend on this pair as can be seen on the pink lines indicating lower highs. Our stops go above the resistance level and I'm hoping to catch a 1:3 on this one as price should come back down to at least 0.7126. Moving my stops to breakeven when price hits 2/3 of profit. Good luck everyone and as usual, hold your thumbs!
Short
by TheSupportResistanceTrader
Trading Plan Oct-NovBUY: new high, break of 248 TP: along the targets up to 281 SELL: break of black trend line & failure to break 248 TP: around 232.5 - 235 / Build a new long position from there. HOLD: if you are long, the break of the C&H neckline indicated that price will try to reach the C&H target 256-258 A break of 248 would indicate that price will be trying to reach the double bottom target 268 - 273 OTE SELL ZONE: Look for reversal signals there and establish a short position The white & red forecast drawings are just for the purpose of orientation.
BITFINEX:BTCUSD
by MagnusTradingGroup
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