1.618 inversion on the GBPUSD

٢٢ يناير ٢٠١٦

on the 1 hr chart we have a 1.618 inversion trade setting up with a couple of extra indications that the market may turn around at this level which include overbought RSI and previous structure looking left. The 1.618 inversion trade includes waiting for a market that is in trend (down trend in this case) to make a correction and break above a previous structure level (resistance in this case) then taking a fib extension from the swing low ( in yellow circle) to the most previous swing high ( in yellow circle ) to find what is called a 1.618 inversion. i put my targets previous resistance because it could become support and stops go above the previous structure highs. COMMENT AND LET ME KNOW WHAT YOU THINK!

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LINK: youtube.com/channel/UCGL9ubdGcvZh_dvSV2z1hoQ