Target for today: either 1.40750 in a straight shot or 1.39130 and then up to 1.4

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Because it can follow to 50% and then switch north: image

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Ding! Here we go: image

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And so it is. Looking at the retrace to 1.39300: image

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Today's target 1.39850...

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Yes Sir!

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I've used your picture to show three repeated patterns that recently occured. After the 3rd time pattern doesn't show anymore... Will we go all the way back to the bottom of the 1st occurence? image

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Might even go to 1.5 as this is the top of the Brexit vote north move...

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Another short awaiting to engage @ 1.37589.

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Sell @ 1.37325 initiated.

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image image

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image

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image

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Where can you see market "faking"?

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Exactly!

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In this chart I see two moves up which will eventually be "eaten down" by reaching fib levels downwards. That is why I plotted them from the bottom of the move to the top (as those two moves were heading north).

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Can you tell me why is this called "Fibonacci RETRACEMENT"? It is called a RETRACEMENT because it shows where to will the price RETRACE after the move. So again - values on the plotted fib retrcements are "whole move - percentage of the fib level".

Cable Update (GBPUSD)

Price went down by 23.6% from the most recent upwards move. image A little rise (to about 1.36905) and we follow to 50%. Go up to 38.2% and down again.

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Hmm... I guess it's explained exactly as I plot in this article: url "Place a Fibonacci grid from low to high in an uptrend and high to low in a downtrend."

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Hello Headland, sorry for replying so late to your post. I am drawing Fibonacci retracements. It means that levels shown are the amount of price going back from the main move range. EG: If there is an upwards move (like yesterday after the BoE news) ...

Cable Update (GBPUSD)