Market Analysis With Megaphone Price Swing
This page will focus on the Market Price analysis of Forex Pairs with the use of Megaphone Price Swing Strategy.Swing Traders make use of the Megaphone Price Swing Strategy to identify Swing High and Swing low points.
Megaphone Price Swing Strategy can be used on higher time frames such as Monthly, Weekly, Daily and 4hour time frames..
13th June, 2021 (16:22 GMT)
EURUSD WEEKLY TF :
A quickly look at EURUSD on the weekly time frame shows that the hegemonic pair has formed a Swing High point after testing 1.22660.EURUSD price closed the Weekly Candle at 1.21059 within the Bearish Megaphone zone
The appearance of multiple Bearish wicks on the last four candles also confirmed that price is either Retracing of Reversing.
Technically, Fibonacci levels are identified using the 1.22660 to 1.17037 Bullish Trend. If Price is to retrace or reverse, our Take Profit levels will be 1.19850 (50% Fibonacci Level) and 1.19583 (61.8% Fibonacci level).However, if Price is reversing, we may see 1.17037 (100% Fibonacci level).
Stop loss will be above the High, a little above 1.22660 (0% Fibonacci level).Please note that this forecast may be a long term trade, and not for small trading account holders.
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GBPUSD WEEKLY TF :
A quickly look at GBPUSD on the weekly time frame shows that Price has formed a Swing High point after testing 1.42484.GBPUSD price closed the Weekly Candle at 1.41123 within the Bearish Megaphone zone
Technically, Fibonacci levels are identified using the 1.42484 to 1.36676 Bullish Trend. If Price is to retrace or reverse, our Take Profit levels will be 1.39594 (50% Fibonacci Level) and 1.38903 (61.8% Fibonacci level).However, if Price is reversing, we may see 1.36676 (100% Fibonacci level).
Stop loss will be above the High, a little above 1.42484 (0% Fibonacci level).Please note that this forecast may be a long term trade, and not for small trading account holders.
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