USDCAD - Nice Retracement and Target
Updated
Note for myself:
We can call it any name we want. ABCD pattern, Harmonic Wave, 123 pattern, Continuation, Tend Following, Channel, Trend line, Andrews Pitchfork, Elliotte Wave or Fibonacci trading technique. I believe what I see. There are consistence profit and target with Fibonacci number. The confluence is very important.
We can call it any name we want. ABCD pattern, Harmonic Wave, 123 pattern, Continuation, Tend Following, Channel, Trend line, Andrews Pitchfork, Elliotte Wave or Fibonacci trading technique. I believe what I see. There are consistence profit and target with Fibonacci number. The confluence is very important.
Note
In this H4 chart, I focus on:1- Trend : downtrend as told by Ichimoku cloud or bigger Moving average.
2- Reversal near the medium line (red color)
3- Fibonacci number near 50% or 61.8%.
4- Nice Engulfing near 50% fibo.
5- Support line of channel
6- Fibo target at 1.618%
Additional:
7- If stochastic (14,3,3) is used, the retracement happened when above 80% line. Another good confluence that many traders used.
8- The way I choose the starting of fibo is based on my experience. Different traders may have different opinions. I respect other traders opinion.
9- The actual right thing is when we can make consistence profit from our believe.
10- Always learn from experience traders in Tradingview.com. Learning never end.
Thanks.
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