Utilising the Fibonacci tool for short selling

12 May 2017

I took the Swing High (1.1020) to the Swing low (1.0835) using the FIB retracement on the 4 hour chart. The 50% retracement at the (1.0929) level. I plot a Fib retracement Swing low (1.0835) to Swing High (1.0929) and planned a short position targeting at 61.8 retracement (1.0893) with a risk reward ratio of 1:1.
30 pips target