Rate My Technical Analysis?

[xSephia]

I really don’t know if I’m doing things right. My guess is the price on this chart will drop to somewhere between 1.41640 and 1.41308 after retracing near the 1.42210 resistance/support zone and 23.6% Fib retracement level. This zone has shown that it is barely affected by what appear to be small movements, and this current retracement seems to be exactly that, a small movement.

Just to clarify, I know that since it is over a weekend that there will most likely be a lot of impulse and news movement, my question is geared more towards theory and whether or not I’m applying patterns and fibonacci trading effectively. Any criticism, tips, or advice is welcome. Thanks.

[titantron91]

I hope this does not sound rude, but your chart is hard to read. It’s hard to rate your technical analysis this way.

You can shift to higher time frames so that we can see the market structure in the bigger picture.

Also, you might want to experiment in the colors of your chart. You may find color combinations that might make the charts easier to your senses.

[GerhardtW]

@xSephia

I really don’t know if I’m doing things right. My guess is the price on this chart will drop to somewhere between 1.41640 and 1.41308 after retracing near the 1.42210 resistance/support zone and 23.6% Fib retracement level. This zone has shown that it is barely affected by what appear to be small movements, and this current retracement seems to be exactly that, a small movement.

Just to clarify, I know that since it is over a weekend that there will most likely be a lot of impulse and news movement, my question is geared more towards theory and whether or not I’m applying patterns and fibonacci trading effectively. Any criticism, tips, or advice is welcome. Thanks.

I agree with titantron91. Is difficult to read your chart, however, the retracement points that you mentioned sound very good, for an entry level for short positions. I know this analysis is from April but the way that you analyze an instrument is correct if you also use support and resistance levels.