It was a very good and interesting trading week. First, we saw some nice trending moves and some rapid moves on Friday. Lets check charts.
I wrote about usd/chf earlier, we saw then a move back to the 61.8% retracement line. Pay attention to the green trend line. Usd/chf, 4 hour chart:
Of course we can draw new Fibo lines. Correction was down to the 38.2% retracement. Look at candle from Friday – there was a strong move down, which stopped ad 38.2 line. This Fibo setup will be still valid in next week (so we will be looking at retracement lines as support and extensions as resistance). Usd/chf, 4 hour chart:
Gbp/jpy brought some nice trade opportunities. On 1-hour chart it was easy to spot nice ABCD trade setups. Here, we saw a correction to the 38.2% retracement and next move up to the 138.2% extension, but it was not the end:
Later scenario was similar, but correction was deeper and move stopped and 127% extension:
We are below Ichimoku cloud and it looks bearish (no suprise here). There was a rapid move up on eur/usd, but it stopped at 78% retracement. Of course we may see similar moves in the near future, but I will be looking at this levels.
Oh, and I have to write few words about oil. From my previous posts you know that I am short and I am happy to see that another support failed. No big magic here – oil is in the downtrend. I look at this Fibo setup, this is 4-hour chart of UK Oil. Correction up stopped at 38.2 line and now it is possible that we will see new lows. I do not like to trade oil that much, but for now it looks promising:
You could find more setups, especially on lower time frames. As you can see above, Fibo setups can be found on many time frames and pairs.