Hey, mates. Here's an example of my higher timeframe analysis. I am looking at this level because:
1) It previously acted as support.
2) It has round number of 1.29000
3) It has a completion of ab=cd move
4) It has 0.618 fibonacci retracement
5) it has 1,272 fibonacci extension
6) It has 1,414 fibonacci extension
7) It has 1,618 fibonacci inversion
8) rsi is almost overbought. Most likely it will be overbought when price gets to the level.
Of course I am not going to trade it right away as soon as price gets there. I will switch to my trading timeframes (either 1H or 4H) to find the reasons for entry. My reasons for entry are advanced formations.
1) It previously acted as support.
2) It has round number of 1.29000
3) It has a completion of ab=cd move
4) It has 0.618 fibonacci retracement
5) it has 1,272 fibonacci extension
6) It has 1,414 fibonacci extension
7) It has 1,618 fibonacci inversion
8) rsi is almost overbought. Most likely it will be overbought when price gets to the level.
Of course I am not going to trade it right away as soon as price gets there. I will switch to my trading timeframes (either 1H or 4H) to find the reasons for entry. My reasons for entry are advanced formations.
