Trend Based fib short:
Sharing an idea using the trend based fib in confluence with the basic fibonacci. firstly AUDJPY has seen a LOT of upside recently, so this move it totally sceptical depending on the open being very close to Friday's close.
I am patiently waiting for a trend reversal here. firstly noticing the 1h fib retrace on the previous high. Fridays high touching the 0.88 before seeing a drop. if we continue moving down from here I am looking for bearish structure to form hence the pink line. that will be my entry depending on price action at that level.
Then profit target using the trend based fib based on where price has rejected on the basic fib = the profit target on the trend based. so if price gets rejected from the 0.88 fib then the target on the trend based is the 1.13 level. so, let's see how the week opens and if we make that initial break of structure, that's my aim!
Sharing an idea using the trend based fib in confluence with the basic fibonacci. firstly AUDJPY has seen a LOT of upside recently, so this move it totally sceptical depending on the open being very close to Friday's close.
I am patiently waiting for a trend reversal here. firstly noticing the 1h fib retrace on the previous high. Fridays high touching the 0.88 before seeing a drop. if we continue moving down from here I am looking for bearish structure to form hence the pink line. that will be my entry depending on price action at that level.
Then profit target using the trend based fib based on where price has rejected on the basic fib = the profit target on the trend based. so if price gets rejected from the 0.88 fib then the target on the trend based is the 1.13 level. so, let's see how the week opens and if we make that initial break of structure, that's my aim!
