LOOKING AT CHARTS: BEARISH FIBONACCI CLUSTERS ON GBPUSD AND BULLISH FIB CLUSTERS ON USDCHF

BEARISH FIBONACCI RETRACEMENT-EXPANSION CLUSTER ON GBPUSD
 

After a sudden decline from one of my Fibonacci clusters yesterday (which I didn’t profit from because the decline was fast), it appears price may want to retrace high to one of the colorful lines before resuming its decline.

The horizontal lines are Fibonacci retracement-expansion clusters and I await a bounce from one of them. The execution however will be triggered in line with my entry plan i.e. A sub-pattern must form on 1-hour time frame.

BULLISH FIBONACCI RETRACEMENT-EXPANSION CLUSTER ON USDCHF

It’s an uptrend and I intend to go long. Bearish divergence (note line on Stochastic) may force price downward to the Fibonacci clusters; though, the long term direction of the pair may be up.

Fibonacci retracement tool was drawn from Swing “1” to swing “2” while Fibonacci expansion tool was drawn from swing “2” to swing “3” and then to “4” to form the clusters.

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About Moshow

Oseni Moshood ( Moshow) is a physicist, a blogger and a spot trader with years of experience. He trades only price actions partly because he thinks Economics is boring; or, probably because he failed Economics; and he loves fine artistic works.