Forex Trading Tip: Fibonacci Drawing and Our Repeating Pattern

June 19, 2012 in Ask Vance, Forex by Vance Williams

Conditions were not optimal for a trade, but I was following price on the 5 minute charts for the EUR/USD and GBP/USD. Looks at how perfectly price behaves. You get the trend, the pullbacks to 38.2, and the second push. Drawing your Fib in the “right” place is key to seeing what is really going on. I just thought I’d share a picture of what I was watching. I post these closer to real time on my Facebook page. ~Vance