EUR-USD Fib Level's - Intraday - 23/24thJune

So quick explanation of today's chart, back to the importance of fib levels.

2 sets of fibs have been marked up onto this 15min chart of today's euro/usd.

1. Previous days High to Low (Blue Bars on the Chart. Which gave the 1.34 Extension Level (pink line)

2. Toady's High to Low as you would have seen at the start on the London session. This gave us the intra-day fibs marked as (decision levels on the chart short or long) and the green -.34 + -.55 extensions.

3. And lastly the black 50% pivot level of the previous days range (high to low).

Sounds a lot of marking + levels, however once you read up on Fibonacci, you'll quickly pick up the terminology and more importantly how price respects these mathematical levels.

So onto my analysis :-

From the London open, price breaks the 50% + 61.8% intraday fibs which indicates short. What area's could you potentially take profit at if you had taken these shorts ? well look at green intraday projections, these two levels are hit bang on.

This area is also the 50% pivot from the previous days high to low (Black Line marked 3). From here price finds support and starts to rally back up through intraday fibs (78.6 then 50 finally breaking the 38.2% level. Indicating potential long trade ?

Well if you reversed and took this long where could you take profit at ? Amazingly enough look at the 1.34 extension from yesterdays trading range (pink line).

Price hits this target to the pip!!!!! Amazing huh, all from Fibonacci projections in the past, predicting where price could go.

Trading is all about high probability entries, limited capital exposure with pre-defined profit target areas.

However its easy to markup charts after the day is over, real money makers trade these situations live with real £££ on the line, this is where the human emotions of fear and greed kick in.