Hi Traders, another top down analysis here. Not much on the lower time frames in the lines of advanced patterns. However this may present an opportunity for the lower time frame traders to keep an eye on these price levels for price reversal. Always a good idea as well when performing your analysis to make price alerts. This way you wont miss these key area's.
I will be looking for something on the 1HR and 15m time frames as we get closer to these values. For an opportunity to get involved. In my rules I dont trade daily or weekly timeframes, but certainly use these for my advantage. If I see a larger pattern then my stops are trailed in the lower times frames when I hit my TP1. I then look at the larger time frame Daily or Weekly TP1 and TP2 area's and simply let the trade ride.
Price marker alerts are very important especially if you have a 5 or 7 pair portfolio. Nothing worse than trying to be a consistently profitable trader and you see patterns missed because you are managing another trade or a couple of trades. At least having your price alerts gives you that extra time to get ready with your entry stops and targets prior.
As always Entry Stops and Targets are on screen. Pattern will be invalid if C leg moves past the A Leg or if D moves past the X leg.