EUR/CAD 15, FXCM Pitchfork Analysis

12 ott 2017

EURCAD, 15, Drawn from yesterdays Scan I had to get rid of previous forks and repostion the fork completely to draw newfound SH/SL...I know it is busy but look at the relationship of the Fib-Ret. of the last two previous moves and the movement within the Fork itself. I see a potential bounce off the Lower Parallel up to at least the 38, If it moves past previously tested resistance successfully, I think it could move through the 50 Fib and potentially get stopped at the 61.8. Quick trade testing out strategy of "New Paradigm" Fib-Forks Trading.

12 ott 2017

Trade attivo

Added a complementary Fork and Fib Projection of the previous move which, of course, gives a proper perspective of the the current price movement. As my Pitchfork Coach/Instructor says, "...there is a whole lot of 'Fibonacciness' happening here". Also adjusted my Trade parameters.
ESL - 1.4740
MSL - 1.4745
Entry - 1.4750
TP - 1.4770 (38.2%)
TP - 1.4790 (61.8%)

Of course, I welcome any criticism from anyone who is more informed on this analysis strategy :P