EurUsd is just great on respecting Fibonacci levels

I'll just show you the 5m charts of today/yesterday dip. For a pullback i will consider whenever the candle break above the 20 EMA. To improve the accuracy of the method SR study of higher TFs is appreciated ;)

I will start with the late Assia session / pre-London open:

 

Then the 20EMA flattened, price is compressing, the usually boring Asia session kicked in so we need some sort of break out.

For this type of trades the RR ration is just great. You can play with fibs even on a 1m TF and let me know if they works .. ;)

This is more an educational post. Hope that some of you find it useful.

Regards

ps: yes I know that's easy to be a general after the battle .. but you can train and make this type of analysis as the PA develops.

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Comment by Pipomatic on October 26, 2012 at 12:59am

5m change of trend confirmed now ..

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