StarProsper
Long

USDJPY / 15MIN / DOUBLE BOTTOM (First Entry)

FX:USDJPY   U.S. Dollar/Japanese Yen
USD/JPY             currency giving us a nice Double Bottom on the 15 minute chart. You can also see this on the 30 minute chart.

RSI bullish divergence.

Fibonacci for entry points, structure for SL and TPs.

Be safe and good luck trading.

Philip Stewart
Philip Stewart - FX Trader @ Star Prosper

LEARN TO TRADE - http://goo.gl/D1O0fW
STAR PROSPER @ YouTube - http://goo.gl/YHiXEw

Thank you,

"Be Safe and Enjoy Life"
Looking good, further to the AB=CD to determine where we might have a possible reversal, you can also use Fibonacci extensions of AB and inverted BC ...
Try it and you'll see that often you get like a Fibonacci cluster giving you a good indication of where the trend might reverse. :)
Reply
IvanLabrie TOP Nico.Muselle
2 years ago
Can you post an example? Interesting concept Nico.
Reply
Nico.Muselle MOD IvanLabrie
2 years ago
snapshot


Here is an example where I drew in the AB 1.272 Fibonacci extension and the BC 1.414 inverted extension. You see that they pretty much align, which, if this pattern would have completed would be a good indication on where price action might reverse.

Inverted BC means that your starting point to draw in the extension is C, then go to B and back down to C. Let me know if you have any questions about it.
+1 Reply
IvanLabrie TOP Nico.Muselle
2 years ago
These clusters are interesting, since so many traders are looking at fibonacci lends well to them working as s/r zones.
Good one Nico ;)
+1 Reply
Nico.Muselle MOD IvanLabrie
2 years ago
Thanks, in this case the pattern never completed, there was a potential Gartley pattern in there ... But in general, if you are looking for a move beyond a previous price, the 1.272 and 1.618 fibonacci extensions are your friend to give you an indication.
+1 Reply
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