RKchartest

$NZDJPY Pattern and Fib-clusters LESSON

FX:NZDJPY   New Zealand Dollar / Japanese Yen
Chart is messy, kept that way to help teach a lesson on using patterns with fib-clusters. Fib clusters are fibs taken from different fib tools and using the various levels. For example we have a retracement from the high. Next we have fib expansions that use the prior corrective wave waves to project termination points. The chart gave us TWO 3-point levels to run those expansions. Next we use the retracement tool to measure expansions just from the corrective waves in the pattern "because were measuring for a reversal to the downside on this chart". Combining all the levels we can start to look for the strongest fib clusters. These are levels that traders are looking at on multiple time frames. The more, the stronger. Combine with a pattern, can validate your idea.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.