Fibonacci tool if you want more in-depth profit from Forex

This is the Fibonacci tool if you want a more in-depth explanation, like I said, I encourage you to go to this video at no cost so you can take a look but looking at these prices are moving to the downside and so in 2016 we had a high at 1467 it looks like that And then we hit that price in March of 2020, and everyone knows what it was, so we haven’t seen that high since then.

Fibonacci tool if you want more in-depth profit from Forex

That was 4 years ago and the price was making lower highs, so using my FIB tool, I’m interested in what’s happening to the price downside right and so I’m interested because you’re seeing price action outside of that level, that big big wick, I want to see what’s happening to the downside And so on a higher time frame, what I’m looking at is every month we had a high shape.

We had low momentum that was very strong, we barely had a pullback price that did not complete this sequence, so on a high caliber time frame, I think at some point we will eventually get back to this area to complete this sequence and I will mark that with the green line as a potential take profit now. This information is of no use to me now because this could take months to complete. What I care about now is how I can benefit from what is happening in the market now.

Keep moving through Forex timelines

For me to be able to determine that I need to keep moving through my time charts to see my time frames to see what I might be able to take advantage of and make a profit and so now I’m at the bottom, let’s see I’m going to click on the last top, and this It is the current active Fibonacci level, so what we have here is a lower high.

As you can see, the price has gone back to the 86 levels and hence the green level I should say the green entry-level, and we have been bouncing and arranging for the last two years in this area and so we are approaching a high in this area and so on until this FIB sequence is complete the price needs to come back and reconsider 1308 area until Fibonacci completes, so now I know my weekly bias is to the downside.

See where the Forex price is and how we can profit from the movement

I’m going to get rid of this Fibonacci and then we’ll just keep going since this is all great information but I can’t jump into anything right now, this is still a high time frame so if I sell this I’ll probably be in some kind of drawdown.

So we need to keep looking to see where the price is and how we can take advantage of the movement as it is now, I don’t think this is not going to give me everything I want to know because I don’t expect the price to move as much as I am doing that gives me nothing Well, I want To see immediately where we are at this moment and so oh we’ve reached a stretch Okay, so in The Daily what I’m looking at is probably what you’re saying what I’m looking at.

We have a high B low, we had a pullback of 86 and the price reached the take profit level of this level, we reached it, yes yesterday at some point, and so now we are waiting for the price to reverse its direction one way or another I need to keep digging to see and find a potential entry So, so I’m going to get rid of the smart FIB that I don’t like to carry them down.

See a break of the trend line Forex

Let’s see what happened I missed the level this is 4 hours this is the low let me change this Okay so what I’m going to do is I’m going to take my lie level and I’m going to put it under the last low and this is the current active pivot level we’re in resistance Daily.

What I can see let me go back, although if I’m interested in sales what I need to see is I need to see a break of the trend line, so I’ll draw this and then I’ll draw this because I’m not going to get anything until I get that break.

I want to check and make sure what I’ve drawn here is correct and I might need to go down to the lower time frame to be able to see if this second trend line is correct and I can look at it on this lower time frame and it looks a little bit messy so I need to move that up and I’m going to go to And I still don’t want to give it up I’m a um but looking at this visually I think this is where we’re going to go so I can get into any type of sale.

Forex price stops at the upper time frame resistance level

At the hour we got this setup and what I’m saying we got this setup means we have the bottom, the high B, the very shallow pullback not even 236, and the price seems to stop at this level of resistance on the higher time frame even though it doesn’t There is still more room for upside.

So what I can see with the Governor of the Bank of Canada speaking tomorrow in anticipation of that I can see the price forming that support level and then we move to the upside right before the extension and then at that speech or right after that speech uh this being a good potential opportunity for the SAL area down to 130, that’s what I guess we’ll see what happens in the end.

Summary

For me, it’s a key level and this is a weekly level of resistance I see this as potentially in play on the higher time frame so let me go down or let me go up and I’m going to get rid of the smaller trend lines and we’re going to grab a trade let me make sure this is not what I’m looking for let me go To the four, okay but I think let me see that this is happening, and this I like better here so I don’t want to cut the candles.