I found this confluence of fib levels. I'm not sure if it is a good idea to use the smaller swing high for fibs but this is what I got.
This pin formed at the 23.6% retrace of the larger move and 38.2% retrace of the smaller move.
The low of the pin is 1.3117 and I was thinking of entering at the break of 1.3100. I'm considering taking profit at 1.3050 but the 2 bar highs at 1.3080 have me worried. SL is 1.3335 which is a 235 pip risk. Not so sure that this one is worth taking and it seems like there is a bit of traffic to the left.
Anyone have any opinions on this one?
Scott
This pin formed at the 23.6% retrace of the larger move and 38.2% retrace of the smaller move.
The low of the pin is 1.3117 and I was thinking of entering at the break of 1.3100. I'm considering taking profit at 1.3050 but the 2 bar highs at 1.3080 have me worried. SL is 1.3335 which is a 235 pip risk. Not so sure that this one is worth taking and it seems like there is a bit of traffic to the left.
Anyone have any opinions on this one?
Scott