Hello texxas,
Thank you for the input
I currently do not trade currencies but have been interested for quite some time. I just recently started studying a bit about them ( I trade eminis mainly). In the index futures, the S3 and R3 pivots are often a favorite pivot for fades by professionals. This is because price tends to stay within these two pivots 80%+ of the time.
Im curious to see if there are pivots or fib ratios that are usually faded by the professionals. You mentioned the 78.6% being a key fib number in the FX instruments. Do you think prices tend to stay within certain fib extension ratios such as 161.8% above/below the previous days high/low?
Im personally not too crazy about fibs... more into market profile and pivots. But just a little curious to see how the FX markets work
