Fibonacci Retracement setups with multiple time frames
Resistance: Fibonacci retracement levels match on 1M, 1W and 1D.
Support: Fibonacci retracement levels match on 1W and 1D.
Entry point: Fibonacci retracement levels match on 1D, 4H and 1H.
Stop Loss Located above 61.8% at 1206.00.
First exit: The amount of pips risked (1194.00) and move the SL to the breakeven point (1200.00).
Second exit: Support (1182.00) and use trailing stop loss in case the exchange rate breaks the support.
Note: The exchange rate could reverse only to the Fib retracement level of 38.2% and fall down to 1182.
Support: Fibonacci retracement levels match on 1W and 1D.
Entry point: Fibonacci retracement levels match on 1D, 4H and 1H.
Stop Loss Located above 61.8% at 1206.00.
First exit: The amount of pips risked (1194.00) and move the SL to the breakeven point (1200.00).
Second exit: Support (1182.00) and use trailing stop loss in case the exchange rate breaks the support.
Note: The exchange rate could reverse only to the Fib retracement level of 38.2% and fall down to 1182.