rludvik
Following movement of this pair from the recent past, I will be looking for longs here in the coming week.
On daily chart below we can see how nicely it repeats its pattern — makes a high, retraces, consolidates in 0.236 and 0.786 area, breaks down to 1.272 to 1.618 extension area, touches the consolidation area again and drops to 2 (don’t get confused with negative values on chart, it’s just Fibonacci drawing direction 🙂
So yellow circle is my area of interest for targets. On 1h chart is the symmetry I like the most: move, retrace to 0.786, shoot to 1.272 and 1.618 (the blue wave). As far as I can see, we are in the second phase here in red wave, where I’ll be looking for longs in marked areas. It would be optimal, if it would come back down to 0.784 and shoot back up again (the best RR), but I’m willing to open long also around 0.75 level. Target area is between 1.272 and 1.618 of red wave and stop loss around 0.747.
Daily chart:
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out 😉