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Fibonacci Cluster

A confluence of Fibonacci levels on the weekly - Selling EURGBPFX:EURGBP , OANDA:EURGBP , FOREXCOM:EURGBP , FOREXCOM:EURGBP A confluence of Fibonacci levels on the weekly - Selling EURGBP Weekly – Trading at the upper end of a bearish channel. Confluence of Fibonacci levels with a 78.6% & 61.8% in close proximity. Daily – Failed at a 78.6% Fibonacci level and close below the 10EMA for the first time in 30 sessions. 4H - Strong move higher today and approaching some exhaution points. We approaching some very key levels here following a strong move higher. The UK is getting closer to appointing a new Prime Minister, Boris Johnson remains the favourite. Once the uncertainty of this is lifted, we could see short term relief in GBP. One point to note is that a potential bullish engulfing is forming on the daily chart. Good luck!
Short
by Signal_Centre
2 BEST-FIT PITCHFORKS CROSSING EACH OTHER + 1 FIBONACCI CLUSTEREURUSD / 15 minutes timeframe / an example of a high-potential reversal zone created by fibonacci based-pitchforks and fibonacci levels. How did I get this? Two best-fit pitchforks (yellow and orange pitchforks) that have their three respective validated hits on their median line, upper parallel and lower parallel were drawn. The Swing Highs and Swing Lows of the pitchforks were also useful in drawing two types of fibonacci levels: extended retracements (1.236 and 1.272 extended retracement in this example) and basic fibonacci levels (0.318 level in this example). This fibonacci levels that are extremely close between each other form what we call a fibonacci cluster (which can be considered as a support and resistance zone). When the 0.382 parallel of the orange pitchfork, the lower parallel of the white pitchfork, the 1.272 and 1.236 extended retracements and 0.318 fibonacci level were extremely close between each other, this created a 3-5 pips high probability turn-around zone for price, which basically means that there was a high probability for price to reverse, which in this example happened. When traders have this type of scenario, they can have a very tight stop loss with this specific timeframe, which allows them to have a great risk-reward ratio if their trade goes well and if their money management system is efficient.
Education
by Henri111
GBPAUD - shortTaking a look at GBPAUD we see a few indications of a reversal and continuation to the downside: - Elliott wave completion of 5th wave on daily time frame - additional shorter time frame elliott wave completion on 4hr. - Fibonacci cluster zones lining up at fresh demand levels - Rejection of fresh Supply level at 1.80 - Bearish engulfing pattern to close the week on Friday This is a view of my directional bias for the week, not necessarily a trade setup just yet. However I will be looking for places to enter short and update idea.
Short
by JabezZinabu