Fibonacci GONE WILD

I've decided to go with a different fib drawing on the daily. There is a good chance of seeing strong momentum once price breaks this triangle formation.

Higher lows for the past two weeks (excluding the low from three weeks ago it's been 8 weeks of higher lows) with a close above the white 100% fib line for the past three weeks.

The significant resistance I see to the upside will come from the fibs and blue pitchfork on the daily.

It wouldn't suprise me if this pair (EUR/USD) opened above 159.00 on Sunday.

(This statement was made before I saw the daily and weekly eur/gbp. However, it can still occur.)

I will post my believes on eur/usd using fibbs....

I believe the EUR/USD is on some bearish sentiment if the green fibbs can hold and brake the counter fibb to it.

If they dont hold i will simply swap my fibbs and see if they hold and then my sentiment will be bullish.This is how i use the fibbs any questions let me know.

I also have fibbs placed from the daily chart ...on this chart.
This is a 4 hour chart...I also use this chart for candle formation since a bearish formation here holds alot stronger, than in an hour chart.
Any questions let me know

This is a very important pair to consider when trading the EUR/USD. Notice how price found support at the 161% fib level and proceeded to make it to the 261%. Although rejected upon its first arrival there, it has since bounced back and has made three significant closes above it. However, price is meeting resistance at the top of the pitchfork channel. It should be interesting to see what happens if/when price closes above it.

Here is something else to consider. Price closed right at the 261% fib level on the weekly chart. Reaching the 261% fib on a weekly chart is significant when there is a large time span involved. Based on what I see on the EUR/GBP daily and weekly, there is immenent action ahead for the euro, pound, and dollar. It's time to fly or die!!

Based on the charts I posted yesterday and today, there are signs for this pair to make a strong move either way (although the failure to break and remain above 1.5900 for the third time is noteworthy). We shall soon see what is next.

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Possible downside targets, along with daily chart targets including the bottom line on the white pitchfork, the high of April 11th (201.87), and the 38% fib level (200.76).

Upside targets on the daily would be the high from April 4th (205.08), the middle line of the white pitchfork, or the 61% fib level (205.62).

I posted these charts in the cable thread so I might as well post them in my own.

They show how price is being capped by the 21ema on the weekly and a 200% fib level on the hourly.

I decided to throw some fibs on this hourly chart I posted earlier.

Here is how the EUR/GBP has traded up to this point.

Upon further review, I noticed that there was a better way in drawing the green and white pitchforks on the daily so I have to offer this public correction (smile). As you can see, the low on Friday's candle was made at the middle pitchfork line (and the lows from earlier in the week were made at the bottom pitchfork line) and the high at the 76% fib level. I was suprised, as I'm sure others were, that price made it that far (1100 pip range for the week from te low on Sunday). I'm also seeing a bit more on this chart, but I'll hold back on that for now (smile some more).

Also, the hourly chart I had posted shows how price returned within the pitchfork but never made it back to the middle line.

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Just a pullback or the beginning of a bear run?

Here is an alternate PF drawing. I'll keep my eye on both, although this one is showing good reaction.

This is how cable turned out on the hourly chart I previously posted.

The 200% fib on the daily and hourly are in the same general area so there could be a strong reversal at that point should price make it down that far.

FRACK!!!!