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After NFP’s dollar reaction, we were expecting volatility at the start of the European session. Either a big retracement (up to 100% previuos down leg) or second leg (up to 100% continuation previous down leg).
The Frankfurt opening broke the Asian Channel and strarted to make lower lows and lower highs all the way down.
Hi David
Another way to draw fibs - from the high/low of Fri (intraday), the low of today is 138.2% too!
And, for a few like me, who took a long (on demo) just before London open on a break of trendline and MACD divergene, while price was near asian session lows, it would be worth waiting for a break of previous swing low around 1.3885 to be surpassed before initiating a long!
Sometimes, when everything lines up (break of trendline, MACD divergence, asian session low) - it is likely the trade may go against you - therefore, stops and money management gain importance!
Keep posting those chart - I look forward to your posts everyday to compare notes and LEARN!
Thanks and regards
Hi su25,
Yes, you can use either “Tom De Mark” trendlines extensions or Fib extension. They work similar.
You took a really good trade. The MACD divergence was alerting us of a reversal at Asian lows, but today because of strong fundamental we were expecting a breakout. (Waiting for the final direction, up or down) as I mentioned on the post.
Thanks for your participation!