Hi, I am putting into practice some of the theory from the course and would be grateful for any feedback. I have attached the daily and 5 minute charts for the GBPUSD for the 23rd July.
Would this be a decent sell opportunity at the red line down to the 38.2 fib retracement. Gives a fairly good risk to reward ratio of 2:1. Price is below both the MOR and DOR and we get a 5 minute moving average crossover but I would class it as a weak sell (hence the target of 38.2 fib retracement) as the control is not that obvious with the sellers. Some resistance from the 15 min chart (dashed green lines) but that has been tested already.
I think once the rejection of the MOR had taken place earlier in the day, and then the pop-up to the DOR was rejected too, certainly put a bearish slant on things. You could be sure the fib levels would be attracting some attention from the daily picture so wise to play it safe and be out slightly ahead of 38.2%. Great stuff 🙂