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Thanks Dennis for following.
In fact ECB is during cash hours in Europe. There are hefty movements ahead to be avoided.
US FED is before US cash hours and has not the same effect on the volatility.
Thus I am closing my trade before the official US trading starts.
And today I am sure to see NO change in the FED strategy - they will do nothing.
Hope this helps
Good trading
GFIs1
As we had interesting movements in the DAX last week I decided to give an insight on the ominous 3 lines shown in my last charts.
It is about the "Fibonacci Fan" which shows support and resistance LINES (not levels).
Annotation: those lines do not affect my trading in this thread - still the GFIs1 rules stand for every trade.
As I had the charts already I wanted to give a sneak insight into this technique. There are some traders using FibFan for their trading.
Here the study in 2 charts with two subsequent fibonacci fans in a row:
1 with the down FibFan and then the turning point in 2 the rising FibFan.
Chart 1:
Chart 2:
At the end I noted a predicting trend down. Which will be be seen hopefully on Monday. Check it out!
Details:
Chart one shows very good support and resisting zones. The DAX formed even a "W" .
In this chart one could easily trade point 2 long to 3, then short from 3 to 4 and finally a long long to 5 which are continuing in chart 2 adequately until point 9.
The results should have given positive points on every trade: the min. points for the short from 5 to 6 here.
Important to know that this tool works on all time levels.
A fibonacci fan can have more than only 3 lines - according to the fibonacci levels which are better known.
GFIs1
PS: There are more fibonacci tools to be found on fio. One thread of mine in the last 3 years is a special thread on fibonacci spirals here:
Fibonacci - is well known to use for support and resistance in so many charts.
Many traders use them as an easy guide for making decisions for entry and exits.
Some traders do not know about how to set up Fibonacci in their charts.
But use them anyway.