I trade GU and EU only.(for now).GU stands about the same as euro.
We got into a ranging period.It has some room to move up to 1.6750-1.6800 area where it could encounter some resistance and actually we could see another rejection around 1.6660 where it would make a double top formation.I will attempt to establish a long position if mkt. gets above the high of Thursday candle.It would be more of scalping on Daily if you will,because I will follow it with a close stop on a lower TF.
The thing with the fibs is that you can use it in different ways.I belive that in trading you should use what is working for you and put everything else on the side.You right about my blue fib. in the sense that actually I don't really need it right now.It will be useful if the mkt. starts going down and it will tests its levels(38,50,61).Than we can see if we're dealing with a retracement of this up move or the possibility of reversal and continuation of the down move (Red fib)
I will attach a template with my fibs. so you can play with them if you like.For the red fib you will probably have to switch to weekly ,so you can move it around.
Almost forget to mention that as it now if the mkt starts to make higher highs I will pull the blue fib to the new highs ,this way I'll update my levels of support in case we see a retracement on this up move.
We got into a ranging period.It has some room to move up to 1.6750-1.6800 area where it could encounter some resistance and actually we could see another rejection around 1.6660 where it would make a double top formation.I will attempt to establish a long position if mkt. gets above the high of Thursday candle.It would be more of scalping on Daily if you will,because I will follow it with a close stop on a lower TF.
The thing with the fibs is that you can use it in different ways.I belive that in trading you should use what is working for you and put everything else on the side.You right about my blue fib. in the sense that actually I don't really need it right now.It will be useful if the mkt. starts going down and it will tests its levels(38,50,61).Than we can see if we're dealing with a retracement of this up move or the possibility of reversal and continuation of the down move (Red fib)
I will attach a template with my fibs. so you can play with them if you like.For the red fib you will probably have to switch to weekly ,so you can move it around.
Almost forget to mention that as it now if the mkt starts to make higher highs I will pull the blue fib to the new highs ,this way I'll update my levels of support in case we see a retracement on this up move.