3 Forex strategies. Using Fibonacci retracement to 1) identify support and resistance levels 2) know when to open and close positions AND 3) follow trends.
Each Elliott wave pattern has its own common Fibonacci relationships between waves. You can use them to set your price targets and determine where the trend should reverse. Free video lesson from Elliott Wave International training service for aspiring traders, Jeffrey Kennedy’s Trader’s Classroom.
These levels apply to long side setup based on that decisive new 52-high post-Brexit that terminates previous trend. Fib-R 23.6% and 38.2% offers 2 levels to look at, 52-week high the 3rd one.
DJ30 moved 70% of a whole year’s range in 2 weeks. You missed the boat. What do you do? Where are the levels to note? Will September 2015 FOMC affect you?
Straits Times Index pulled back to challenge 3300 but technical setup suggests downtrend started. There is a confluence of overhead resistance to overcome including A) 3300 B) Fib-R levels and C) downtrending equidistant channel.
Straits Times Index is supported by a confluence of technical studies for now. We project potential support levels it can reach in a deeper correction. Projection places 2970 – 3050 as a zone to evaluate the technical picture again.
Based on levels projected using Fibonacci techniques and drawing equidistant channels, I believe that EURUSD has room to go to 1.25 and even lower.