Trading With Fibonacci Retracements
Good Afternoon,
Fundamentally, things are quiet. We have claims tomorrow and we are getting through the tail end of earnings reports over the next few weeks. Understanding that volatility is low, I am looking ahead to next week and the calendar looks pretty slow aside from retail sales and claims and of course the earnings reports that affect your portfolio.
Technically, Monday and Tuesday gave us tight ranges and there wasn't any reason to expect anything different today. For some reason though, I just figured that two days of really small ranges would hopefully give up a trading opportunity today.
First up, the EUR/USD. Check out the trendline - it lined up with a DOUBLE FALL LINE opportunity:
Past performance is not indicative of future results
Next up, the same sort of setup is occurring on a daily chart in the USD/CAD. Is oil rich at $95.00 per barrel?
Past performance is not indicative of future results
For now, the equity markets seem to want to go higher as sellers have dissappeared again. Next up is old resistance at 1420-1425. Will we breakout?
Happy Trading and Be Environmentally Cool
Coach Brian
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
