Unconventional Technical Analysis of EUR/USD with Fibonacci levels
Dear All,
Recently I've started a site where I8217;m utilizing rather unconventional way to analyze and predict future S/R of all EUR/USD with Fibonacci retracement tool. Although from the website I mostly concentrate on a daily chart I also use this method on 4h and 1h chart to predict my targets.
I've attached my final article with screenshot, hopefully that will make it slightly clearer what I#8217;m upward also. Please look up the site for more screenshots. I'll do my very best to keep up this thread to date.
I'd love any comments and constructive criticism.
Tom
In the last few times our forecasted levels provided good support and resistance. Currently after a break out, 1.4797 amount provided a fantastic service and provided that this amount holds we have a fantastic potential for further rise. The upcoming key resistance level is 1.4981, in the event the price will manage to break this amount the next resistance is 1.5278. If the price will achieve this amount we'll be expecting to see a pull back all of the way back to the 1.4981. It is important to say that the stochastic has been overbought for a protracted period of time on a daily and weekly time period.
Knowing these we can play this installment in two manners. We can go long on the ongoing fracture of 1.4981 targeting 1.5278. If the price will move a lot about the breakout I wouldn't advise to chase the trade and rather go long on a pull back. The second solution is to go short from 1.5728 targeting 1.4981 degree.
If you have any comments please do not hesitate to contact me. I will be happy to discuss any issues with you.
S/R Degrees:
1.4649
1.4797
1.4981
1.5278
Currently the price figure out how to split under multiday lower trend line and we have a good possibility of bearish extension. New support and resistance levels with this movement are as follow:
In the past couple of days we've seen an extremely choppy action. Although, I have chosen to redraw the Fibonacci levels the research are still showing us that a potential for bearish expansion. The crucial level is the older daily trend line and the 50% Fib level that both provide good resistance. The support and resistance levels are as follow:
1.4527 - 61.8% 1.4401 -- 50% 1.4274 -- 38.2percent 1.4117 -- 23.6percent 1.3863 -- 0 percent
When the price hits the final resistance level of 1.3863 we should see a bounce back to 1.4117 for more please visit my blog.
If you have any queries please do not hesitate to get in touch with me.
There are two ways to calculated these amounts. I will attach as many screenshots as you can.
In the event of consolidation I'd draw the fib amounts from the bottom and set the 61.8% directly in addition to the consolidation.
Second option is to draw it from the start of the trend to another s/r or even a pull back.
The rules That I've created so far are:Always look for the support/resistance to place your 61.8% level to be about the right hand side. If you're interested in finding aid place your 61.8 on the support level if you're looking for resistance level place your 61.8 on the resistance. If the amounts are too tight they are not going to be more respected. Look if 50 percent, 39,2%,23.6% amounts have been respected from the price providing some kind of s/r if that's the case it's very possible that the last 0% level will be respected as well. If the price hits the 0% we are very likely to see a pull back to 23.6percent
I found this procedure to be very nice and complimentary for finding bottoms and tops, and stop positioning.
I've attached 3 screenshots with possible scenarios. 3 and 1 found rather considerable bottom and the next one although found only minor resistance . Further on the third screenshot you see I have moved just the 61.8 level to another support level.