FX:USDCAD U.S. Dollar/Canadian Dollar
Hi All, I shared this chart the other day, do you think that when people come into the market and they miss a chart then all of a sudden they see a Pattern and they see that the C Leg has not been violated so they enter the trade. This is a perfect example Hit So many times and completed. You can see more of what is going on here in 60m - I wanted to share an easy technique to also help identify where price is most likely to turn around many people use the 886 FIB as a rule of thumb I guess, and sometimes we need to if there are no other signs for entry. Previous Structure always leaves clues. Open a day chart when you have an and see which is closest to 886 in Previous Structure or which ever pattern you trade Etc. This simple Technique here gained an extra 41 pips for entry and minimized our possible draw down of risk. It increases your chances of hitting that on a dime making sure you are filled with 5pips lower than PST. Do you ever sit there and think oh its just gone into minus 20 or 30 pips before coming back into profits. This easy technique and analysis can improve your overall reducing draw down and increasing profits. This also helps to predict the exact point that it will retrace to which in this task I haven't included because the chart is too small but the retrace as many people also use fib retrace previous support lines will help more this gained an extra 67 pips on the retrace, which is a total of 108 pips just for taking an extra 5 minutes to evaluate the chart. Remember things move a lot slower on Day Chart - Identify the Pattern and what market is doing , Predict where price action will stop, Decide on the entry point on Day Chart and execute on 60M. Have a great Weekend All
Hi Daniel, yes this was very interesting indeed to see the pattern kept getting hit so many times I caught the Second and Third and also the retrace back to the 4th I think the Oil News pushed it back to the Fourth. It will be interesting to see if the 4th Bat will produce another win. Its not risky and is a no brainer because the 886 from the initial X Leg is at the highest so the Risk and Reward is better. Be interesting to see where price starts on Monday.