EUR/USD 62% RETRACEMENT

EDWARD M. HAMMAN

WADAFOX TRENDING

28 APRIL 2020

16h50

Hi traders. Edward here.

I saw in the 30M chart above that the market went up, the bulls came in finally, and then it retraced quite good to exactly the 62% Fib level. So that gave me a good indication that I can place a buy limit order. 

As you can see the market retraced from the 62% level and then pushed up a bit, well it is still pushing up, but the limit order location depends on how far up the market is pushing. If it touches the 38% level and retraces back down from there, then my limit order is at a good place. If it pushes up far beyond the 38% level, then I will have to re-evaluate my limit order. 

I will update this story as the market progresses, to show you how Fibs can give you a good entry level.

Edward M. Hamman

20H15

My limit order opened, but the market did not push up as I hoped, so I closed my order with 173pips positive. I hope for a better day to come in this week.