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Thread: Fibonacci Trading

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#486 (permalink)

10-21-2008, 08:28 AM

Gregory McLeod Gregory McLeod is offline

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Join Date: Sep 2007

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EURCAD new trend born?

The October 8th breakout at 1.5371 from a steep downward trend channel marks a possible trend reversal. EURCAD has run up to a high of 1.6131 before backing off slightly. We don't want to chase a runaway market. Rather, we want to wait for the market to come to us. We use Fibonacci to reveal possible hidden levels of support where we can join the trend with a low risk entry. After a huge run-ups patience is the best way to get involved with the trend. Look for support to come in between the 1.5595 and 1.5016 levels.

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