Lesson learnt for today,
Price dosent have to touch the trendline directly as support and resistance are ZONES rather than specific prices (basics, i knew this already just failed to incorporate it for some odd reason..schoolboy)
If i had incorporated this into my trading i would have caught the full upwards breakout rather than waiting for price to touch my trendline directly.
Anyway i said range day today between 1.238 and 1.246 and if you take a look at the chart its hit that 23.6 fib coming in at 1.246 and started to turn, im short bias looking for price to start to head down to that 50 fib level at 1.238 or 1.239. I think if this triangle stays in play im looking for targets long to 1.270 to 1.275
1.26 should be a gurantee should it play out.
However price will do what ever it wants.
Price dosent have to touch the trendline directly as support and resistance are ZONES rather than specific prices (basics, i knew this already just failed to incorporate it for some odd reason..schoolboy)
If i had incorporated this into my trading i would have caught the full upwards breakout rather than waiting for price to touch my trendline directly.
Anyway i said range day today between 1.238 and 1.246 and if you take a look at the chart its hit that 23.6 fib coming in at 1.246 and started to turn, im short bias looking for price to start to head down to that 50 fib level at 1.238 or 1.239. I think if this triangle stays in play im looking for targets long to 1.270 to 1.275
1.26 should be a gurantee should it play out.
However price will do what ever it wants.