Now let's rate the EURUSD H4 chart. It is a naked chart with Fibonacci lines of regression of the nearest downtrend wave and a trend line


Will EUR be able to hit the 50% fibo regression level? (near the circle number 0.58). I guess yes.

But will it be able to overcome the following 3 resistance zones?

1- round number 0.58. The circular number area is always a strong psychological barrier
2- 50% fibo levels of the wave is reduced. This is one of the most strong Fibonacci levels (beside 38.2% and 61.8%)
3- downtrend line pulls from top to bottom.

On lower timeframes:


You can see the 5720 level and a trend line forming a confluence. If the price touches this level again, it is very likely to bounce up, but if it breaks, it will move down to .5700.

Conversely, if the price breaks .5750, the possibility of a further move up and reach R1 (the pivot resistance point), although the price move may be a bit difficult.

Here we begin to use pivot points. The pivot points are completely calculated by formula and you can use the indicator to calculate automatically. They are very strong resistances on the chart.

So my trading strategy is to buy as soon as the price breaks down .5750 targeting R1. The secondary strategy might be to wait for the price to touch the confluence zone around 5720 and buy.

It's an example of how to combine fibonacci, pivot point, and trendline to my scalping. Also, I won't trade in the Asian session, because it has too much noise.

Below is the EURUSD chart on the D1 bracket:


There are 2 things to note:
  1. We are right at a fibonacci level, the level below it is down to .5300, creating a good distance to surf the wave here.
  2. The red line is a long-term support line and will provide strong support for the price. Thus, we will aim to take profit for a sell order at this level.
The strategy is to launch into a small frame to find your entry point. I'll leave that to you all on your own.

One more setup, even incorporate the familiar pricing model into my analysis as long as it makes sense. They are very helpful in finding entry points and taking profits:


The bear flag pattern appears after a bearish wave, creating the possibility of continuing the trend. Can be sold when the pin bar in the middle of the flag closes.