Fib Retracement Setup on AUDUSD 30 MIN
Hello,
This chart looks to be respecting fib zones very well.
I am currently looking at a potential fib retracement on AUDUSD back to 0.236 level before bouncing up and breaking out into fib extension level of 0.618 before bouncing back down to the downside.
Setup requirements:
1) Wait for bullish candles signaling seller exhaustion at the 0.236 level before entering the trade.
2) Stop loss slightly below 0.382 level
3) Take profit if there are signs of buyer exhaustion at the 0.618 level.
Let me know what you think of this setup.
Cheers,
Sven
This chart looks to be respecting fib zones very well.
I am currently looking at a potential fib retracement on AUDUSD back to 0.236 level before bouncing up and breaking out into fib extension level of 0.618 before bouncing back down to the downside.
Setup requirements:
1) Wait for bullish candles signaling seller exhaustion at the 0.236 level before entering the trade.
2) Stop loss slightly below 0.382 level
3) Take profit if there are signs of buyer exhaustion at the 0.618 level.
Let me know what you think of this setup.
Cheers,
Sven
I was asleep, but good entry would have been after the hammer candle confirming support at 0.236 level.