Example of using Fibonacci Extension to day trade with: EurNzd 15 minute time frame today:
1) Right Pair? Yes, EurNzd during both London and London/New York overlapping sessions. (Both Gbp and Eur pairs are great r/t being in session). Have high liquidity and volume.
2) Right Price? Yes, Enter sell at 1.69500 with stop at 1.16950 (15 pip stop).
3) Right Session? Yes, During London session and London/New York overlapping session.
4) Right Time? Yes, after break out of price action and return back into golden zone (38%-62% area) of Fib. retracement area.
NOTE: Waiting for the initial break of range or sideways price action and return back into the golden zone of Fib. retracement area gives you one of the safest and best risk and reward set ups in day trading Forex. This one was 1: 2 Risk/Reward setup (15 pip risk/stop/30 pip reward/profit).
1) Right Pair? Yes, EurNzd during both London and London/New York overlapping sessions. (Both Gbp and Eur pairs are great r/t being in session). Have high liquidity and volume.
2) Right Price? Yes, Enter sell at 1.69500 with stop at 1.16950 (15 pip stop).
3) Right Session? Yes, During London session and London/New York overlapping session.
4) Right Time? Yes, after break out of price action and return back into golden zone (38%-62% area) of Fib. retracement area.
NOTE: Waiting for the initial break of range or sideways price action and return back into the golden zone of Fib. retracement area gives you one of the safest and best risk and reward set ups in day trading Forex. This one was 1: 2 Risk/Reward setup (15 pip risk/stop/30 pip reward/profit).