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
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 Nico.Muselle
Can you post an example? Interesting concept Nico.
Reply
Nico.Muselle IvanLabrie


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 Nico.Muselle
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 IvanLabrie
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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