Hi all. I am new & trying to self teach on analysis, etc., so any help/advice would be much appreciated!
My analysis on this 1D chart for EUR/USD looks at a fibonacci retracement possibility within the descending broadening wedge overall pattern.
It is evident that there is a clear crossover point between the resistance line of the descending wedge and the 78.6% marker of the fibonacci. To me, this signals strength as there are two pieces of evidence working together and suggesting the same course of action for price.
For entry, I would look to get in once price has rebounded from the resistance line with a SL of up to the 100% Fibonacci marker, and aim for a TP of the low point used in the Fibonacci or even further to the support line of the wedge.
Please let me know your thoughts. Any comments will be taken on board, as I try to learn further and progress from experienced traders.
My analysis on this 1D chart for EUR/USD looks at a fibonacci retracement possibility within the descending broadening wedge overall pattern.
It is evident that there is a clear crossover point between the resistance line of the descending wedge and the 78.6% marker of the fibonacci. To me, this signals strength as there are two pieces of evidence working together and suggesting the same course of action for price.
For entry, I would look to get in once price has rebounded from the resistance line with a SL of up to the 100% Fibonacci marker, and aim for a TP of the low point used in the Fibonacci or even further to the support line of the wedge.
Please let me know your thoughts. Any comments will be taken on board, as I try to learn further and progress from experienced traders.
Trade active:
I entered this position at 1.20990, with a stop loss at 50 pips.
The daily chart is currently looking good, but I am continuing to monitor. I've set up a trailing stop, to help reduce risk further.
The daily chart is currently looking good, but I am continuing to monitor. I've set up a trailing stop, to help reduce risk further.