In my personal opinion, a trader can have the best results by simply following the 4 hours structure. If a market is making a strong retracement an entry can be made with a stop loss above the previous LH / HL and take profit on the price where the retracement has begun, even further in many cases.
The price has made a retracement on 4 h timeframe.
Buy gold before nfp, h1 is up trend, on a daily time frame we see a triple top, h4 is downtrend and a lot of traders are entering sell, this is the reason i thing the price will go up.
- Price has close above the 15 minute channel, then i draw a fibonacci to find a retracement and a rejection to level 60 fib.
- THE PRICE IS BUYING FROM THE TREND LINE, THEN MADE A RETRACEMENT TO LEVEL 38 OF FIBBONACCI WHERE IS STRONG SUPPORT LEVEL.
- PRICE TOUCH THE DOWNSIDE OF THE CHANEL, STARTED BUYING THEN MADE A RETRACEMENT TO THE LEVEL 60 OF FIB, ON 4H TIME FRAME.
MORE CONFLUENCE IS SHOWING A POSSIBLE SELL OF USD-JPY
- HIGHER TIME FRAME AND LOWER TIME FRAME INDICATES SELL