Forex Trading Best Setup
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In forex trading, the Fibonacci sequence is often used to identify potential levels of support and resistance based on retracements or extensions. Here's how it typically works:1. Fibonacci Retracement Levels:How Itβs Used: Traders use Fibonacci retracement levels to predict potential reversal points by measuring the previous price movement.Common Levels: The key levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6%. These levels are drawn on a chart to help traders identify where price might retrace before continuing its original trend.Application: If a currency pair is trending upwards, traders might use Fibonacci retracement levels to find where the price could pull back before continuing upwards.2. Fibonacci Extension Levels:How Itβs Used: Fibonacci extensions are used to identify potential areas of resistance or support where the price may go after the retracement ends and the trend resumes.Common Levels: Common Fibonacci extension levels include 61.8%, 100%, 161.8%, 261.8%, and 423.6%.Application: After determining the retracement, traders project extension levels to estimate where the next move might reach.3. Fibonacci Fan, Arc, and Time Zones:Fibonacci Fan: Diagonal lines are drawn from a significant peak or trough through the other key Fibonacci levels.Fibonacci Arc: Curved lines are used to represent potential levels of support or resistance.Fibonacci Time Zones: These are vertical lines based on Fibonacci ratios that are used to forecast potential timing of reversals.4. Strategic Use:Entry and Exit Points: Traders often enter trades at key Fibonacci retracement levels, setting stop-loss orders slightly below or above these levels depending on the direction of their trade.Combining with Other Indicators: Fibonacci levels are often used alongside other technical indicators like moving averages, RSI, or MACD for confirmation.5. Psychological Component:Fibonacci levels work well because they are widely used by traders, making them a self-fulfilling prophecy. If many traders expect a retracement at 61.8%, the level is more likely to hold due to the volume of trades occurring there.Using Fibonacci in forex can be a valuable tool in a trader's arsenal, especially when combined with other forms of technical analysis.
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05/03/2024
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05/03/2024
Signal was released on Sunday Bullish@2085
04/03/2024
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Great start to the week with our chart idea playing out to perfection!!!!
Yesterday we advised that we were looking for the 2093 target retest and a cross and lock above *2085* to open *2093* and *2102* which was Hit perfectly today completing this chart idea
We are keeping our risk tight in this new range as some correction is expected with our Goldturn support levels marked out for reaction
BEARISH TARGET
*2080* *DONE*
*2065*
*2052*
EMA CROSS AND LOCK BELOW *2052* WILL OPEN THE SWING RANGE
SWING RANGE
*2033-2022*
*HAPPY TRADING*
03/03/2024
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03/03/2024
Hey everyone
This was last week analysis that inlined with our chart idea
Another fantastic finish to the week smashing all our Bullish Targets and strategically taking our Buys from every *Dip*
We stated after completing *2044*- *2048* targets,that we will be looking for EMA5 to lock above *2048* to open *2055* and potentially *2064*
We got cross and lock above
*2048* confirming *2055* and *2064* which were both hit today completing our chart idea to *Perfection*
We will now come back *Sunday* with our 1H timeframe analysis Gold route map and trading plan for the coming week
*Happy weekend*
XAUUSD
From Monday March 4 to Friday analysis
Our updated 1H timeframe chart levels and Targets for the coming week
We are seeing price break into the new range and playing between 2085 resistance and support at *2079* Goldturn
We are looking for retest and break on either Goldturn to confirm the next range
Bearish test to support at 2079 and break and lock below this level will open the retracement range
A cross and lock below the retracement range will open the swing range
However support above here and we are likely to see a retest at *2071* *2079* and *2085* Goldturn
We will keep the above in mind when taking BUYS from DIPS and continue buying dips using our support levels taking 20-40 pips
BULLISH TARGET
2085
EMA5 CROSS AND LOCK ABOVE *2085*
WILL OPEN THE FOLLOWING BULLISH TARGET
*2093*
*2102*
BEARISH TARGET
*2079*
EMA5 CROSS AND LOCK BELOW *2079* WILL OPEN THE RETRACEMENT RANGE
*2071-2064*
EMA5 CROSS AND LOCK BELOW *2064* WILL OPEN THE SWING RANGE
SWING RANGE
*2044-2036*
*HAPPY TRADING*
18/02/2024
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GOLD ENTERED SUPPORT
PROJECTIONS TO SHARP ENTRIES ARE
IN WHITE LINE
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