so we would like to stay with that trend however it looks like all the other three time frames are in a correction. So on the daily chart we were able to place the ABCD boundary with our fib tool. So A is currently at the 1.7300 price level and B is at the 1.600 price level and that is where our fib was placed as you can see on the chart. We have the pullback which is C on the chart at the 50% fib so we would look for a bearish candlestick pattern to take this pair short to the D extension at 1.5200. This is the set up if you are trading the daily chart and also the big picture of the pair. We now look at the 2 Hour chart that is showing a bullish move to the upside as we have no place to put our fib on the chart, so I placed a trend line to see if it breaks to the down side below the trend line for a possible short or a retest and or a long trade. The 1 Hour chart is also very bullish and there is no place to fib this chart at the moment so I placed a trend line to see it break to the down side as the 200 EMA is below price at 1.6340 and current price is at 1.6654. The 15 minute chart is what I am watching closely as I had to place a trend line and I also placed a reverse fib to see if price will pull back to a fib level and continue to be bullish for a possible long trade. The price I am looking for is the 1.6600. Now is the waiting time just wait for price to make the move, must be patient.
Most Popular Slideshows
- Paul Walker On Parkour, Stalkers, Sea Life, And Sharks [PHOTOS/ VIDEOS]
- Kourtney Kardashian And Scott Disick: Ready To Get Married And Expectant [PHOTOS/ VIDEOS]
- Paul Walker Death: Antonio Holmes Eyewitness the Porsche Burst Into Flame [PHOTOS/ VIDEOS]
- Watch Out, Robert Pattinson! Kellan Lutz Reveals He Turned Down The Role Of ‘Twilight’ Lead Edward Cullen [PHOTOS/ VIDEOS]