Fib-O-nomics!
Right here, what we have is an OVERSTRETCHED, OVER VALUED GBP, with a RIDICUOUS UNDER VALUED YEN.
This pair has hit a daily DOWNtrend line, from what i presume to be a double top. Hitting that trendline and rejecting it, only leads me to believe, Any kind of weakness from the UK, will only serve to perpetuate the downfall of the POUND!
Watch as our Master, Mr Fibonacci leads the way!
This pair has hit a daily DOWNtrend line, from what i presume to be a double top. Hitting that trendline and rejecting it, only leads me to believe, Any kind of weakness from the UK, will only serve to perpetuate the downfall of the POUND!
Watch as our Master, Mr Fibonacci leads the way!
Note
UPDATE WEEK 1: Now we did get to be a part of the initial drop that took GJ from it's highs to where it is now. We were 7 pips away from the stop (having a 40 pips SL) yet we prevailed! Cool, now look... DO, u see how GJ is literally just getting rejected at the fib level(.875)/ price of 157 and along the trend line! For me, that is a part of the plan, TRADE the PLAN, STICK to PLAN! Is my motto. With that being said . System is calling for a 4hr DEEP CRAB "W" Formation (just like we had in EJ week 1 update.
Now here you can see GJ bouncing down from the 4HR fib at the (.75) level & also along the trend line. Even entering from there 156.8, and putting the stops slightly above the previous highs, you still have a 14:1 trade! Targets of 156.5, 155.2, & 153!
Dont forget 157 is our DAILY (.875) fib level
next one is 155.8(.75)
154.9 (.66)
153.4 (.5)
now those are daily fib levels . The 4 hour is calling for a break down all the way to just below the DAILY (.5) Fib level and thats where i'll be taking profit from and waiting until it starts rejecting on any of the fib levels i said above!
Trade active
UPDATE WEEK2 ! : Can u say "Fib"ulous?!look at the fabulous movement going on here! On a 4hr timeframe .. we are currently @ the .25 level @ 154.2! we still have more room to go! People will blame Russia invading Ukraine but the charts always tell the story first. Why? Because money rules the world! So i guess we'll go with that story, but in all honesty we follow the charts!
but while we are here , we have bounces off of the daily .5 Fib level @ around 153.35 ...
since the 4HR Completes at around 152.9 & that is below the .5 fib level.. I'll hold until then and look for re-entry upon a bounce from 152.9(4Hr tp) back up to .5 fib level @ around 153.35ish
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.