Long-term review
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Use time frame of M15 to determine the lower and the higher price of yesterday, because it's more precise.
Friday's historic (28th of October 2011).
Open : 1.3904
High : 1.4246
Low : 1.3864
Close: 1.4192
The market will indicate a bearish opportunity on level of: (Low + (Function / 100)) = 1.3917 (-Spread).
Function = (High - (High - Low)) * 38%.
Monday's historic (31st of October 2011).
Open : 1.4170
High : 1.4170
Low : 1.3829
Close: 1.3854
Pivot Point = (High + Low + Close) / 3 = 1.3951.
Then the market will indicate a bullish opportunity on level of 1.3955 (+Spread).
Trading Recommendations:
According to previous events, the price has still been trapped between 1.4200 and 1.3750.
- Buy above 1.3959 (38,2% of Fibonacci retracement levels) with a first target of 1.4050, it might resume to 1.43.
- Below 1.3909 (23.6% of Fibonacci retracement levels) look for further downside with 1.3840 and 1.3735 targets.
Technical Levels:
R3: 1.4414
R2: 1.4292
R1: 1.4073
PP: 1.3951
S1: 1.3732
S2: 1.3610
S3: 1.3391
Tools of Chart:
- It should be noted that the market was so stable and trend was also so clear (downward).
- Range was: 341 pips (downward).
- The value of 50% Fibonacci retracement levels is: (High + Low) / 2 = 1.4000.
- (The key level to confirm a bullish market).
- Volatility is 477.40 so the market has called for a high volatile.
Observation (s):
- Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
- Use historic prices to determine future prices.
- Fibonacci retracement uses to determine accurate psychology level of support and resistance, and playing according to in this kind of period.
- Breakout 2 – A breakout strategy that looks to go long when a currency pair breaks above its 24-hour trading range, short on a break below. Unlike a raw channel breakout strategy,
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