EURUSD LONG- STRONG SUPPORT AT 1.6700 AND 61.8 FIB LEVEL ON DAILY CHART
This is an update for my old post about the long term bull channel, see related idea. Channel has been adjusted and the triangle which played out can also be seen as a gann fan. Fib levels from all time high to bottom of bear market has been retraced to the 0.618 level. Bears aiming to test the support on lower channel line near the 0.382 level while bulls...
Normally, we all have opinion that prices will reverse at 61.8% fib ratio ( that's why its called Golden ratio). Put that in combo with resistance zone, the probablity of getting good trade increases. Thats what we have here in BankNifty, with price around 18900's and resistance zone in same area, I expect the market to reverse here. We do had similar kind of...
Hey Guys, Having cheerful Sunday ? Lets do some analysis on LT ? Don't get confused why chart is loaded with Fib levels, for better understanding and explanation purposes I have marked numbers for Fibs. Those who followed Me for sometime will be clear the principal I use - " Gaps will be always Filled " I kept this LT in My radar from the day it gave huge gap up...
Lets do an analysis on Nifty and how its movement will be in coming days. As we look with Eagle's view ( Daily ), Nifty has been bearish from Feb'15 to Mar'16. For an year Nifty has been completely bearish Trend. Some companies posting good performance results has driven Nifty to current levels from the lows of 6700's. But tats not only reason for recent bull...
This trade setup is very simple one. I didnt use any advanced patterns or numerous fib levels. We can easily notice Reliance is in bearish trend for sometime, so we are looking for opportunity to go along the trend. Recent rise in prices towards our marked resistance zone ( based on Daily ) where we have Fib levels overlapping each other. 0.382 Fib level of...