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This may easily have failed - that the market order placed in the end of the afternoon yesterday on pound jpy because for me that the price action looked smashed. I'll keep it another day regardless of the swap that is negative.
And since I visit 78.6% showing on the monthly pivots indior I use which I posted earlier on this thread, as being lately under challenge and since I do not anticipate pound to perform spectacularly well in the next hours before end of week, I will add limit orders in the 78.6 percent fib level 152.609 for the activity coming up after which will be not able to see: GDP and Mr. Carney's address.
This is information that has assisted in the past with powerful limits at 78.6% if it looks like 61.8% is seriously penetrated: it's a section copied from something I found, on FF:
Essential concept is being mindful of turning zones 61 and especially 78 zone. Google Scott Carney 786 and you'll get interesting results. 78 fib is not on Fib Meta tool default setting and traders are not aware of its significance. The .786 Retracement is the square root of the 0.61. The 0.786 is the next crucial region to examine after the 0.618 was clearly broken. The 0.786 is a vital Fibonacci number since it's often the last chance before retesting the original starting point. Price action that doesn't reverse from the 0.786 generally will retest, and frequently break past the original starting point. Therefore 0.786 failures are important because th estop reduction limit will be clearly defined by the original starting point and comparatively small when compared with the potential reversal. The 0.786 retracement is fairly unknown in the business, although I feel that more technicians are becoming aware of its significance.
In my opinion it's a critical Fibonacci number, since it's one of the past harmonic ratios before retesting a trends prior high or low and it can offer a very clear indiion of the future direction based upon the price action in the number. Another reason why the 0.786 is a valuable Fibonacci number is since it can often gauge prospective opportunities, especially when the surrounding market noise (data) suggests that the set-up is to be averted. I've observed many situations, where the data in the press is rather contrary to what the price action in the 0.786 is signaling. If a stock is trending strongly, the 0.786 projection often can function as a vital reversal point, despite such contrary information.