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FxcInvesting
Jun 10, 2016 5:37 PM

POTENTIAL FIBONACCI RETRACEMENT HOLD Long

British Pound/U.S. DollarFXCM

Description

We have a nice strong channel from the 29.2.2016 and the price just touch the it. The demand zone with 50 % fib retracement can hold, and push price back to supply zone at 1.47000. So we can see the nice forming HH ( higher high ) and HL ( higher low ) formation. This we use to find a potential trend reversal.

Have a nice week !

Comments
remi.cartier
I am on it :) Entered a bit high @ 1.4338
GowriShankarBc
sir can i get this formula
hao.deng.m
check out this: tradingview.com/chart/GBPUSD/pXJDKSFq-Structure-changing-pullback-is-possible-before-continuation/, it looks a break out of the trendline.

I'm not sure your way to draw the trendline is correct.
hao.deng.m
BTW, The idea is published by Mr.Wave-Trader
tradingview.com/u/Wave-Trader/
ReneK
yes this is correct, wait for consolidation before sell. It's go around 1.35
sacamafra
Really great! Thank you!
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