Best of Fibonacci Trading

Tuesday, May 22, 2012

This is enough retracement to start thinking BUY but we have to wait for the 15min TMASlope to confirm this. Good to watch EURUSD.

The combination of Fibonacci and TMASlope seems to be it today as the Sell signal for GBPUSD went well:

The move started from around the 50% retracement line and was confirmed for SELL at the 38.2 level by TMASlope.

Careful research shows that you can also use the TMASlope Mt4 indicator to confirm your fibonacci entries.

You spot your retracement using the 4hr as usual and make entry with the TMASlope in 15min timeframe.

Two entries today and good profit. The move started at about 50% fibonacci level

Its good to watch the GBPUSD as its currently around the 50% level. Waiting on the Schaff indicator.

Good to pay attention to EURUSD price action. Price retraced to the 50% level and good to watch the schaff for any possible BUY.

AUDUSD is on an uptrend and we had 38.2 retracement, good to stand by for possible BUY though schaff is still saying wait in 15min.