How to use my 3touch and Fibonacci strategy on USDJPY
Hello my subscriber/Follower.
Take a minute to understand how i came about this analysis using my easiest strategy base on Trendlines and Fibonacci Retracement tool.
As you can see, i have had 3touches on my Resistant ascending trendline, and there are also 3 touches i am excpecting on my Support Ascending trendline.
The market reached the 3rd touch by landing on the fibonacci retracement zone 50%_61% - Fibonacci is used to measure the correction destination where the market correction will end.
And in this case it ended on 50% level and at the same time , gave me a 3rd touch (Very sensitive touch when on Fibzone).
So, to me this became a HIGH PROBABILITY SETUP with 2 confirmations to sell:
1. 3rd Touch on my Ascending Trendline
2. Fibonacci zone 50% correction.
After that, i used the Fibonacci retracement tool again to now measure the correction 50% of the 3 levels because after 3 levels (especially with 3rd touch) the market makes a massiv correction of all the 3 levels, not one as in the 1st level and 2nd level, BUT all the 3 levels. This is a MEASURE CORRECTION!
For stop loos; as i am using Fibonacci to enter 50%, i place my stop loss outside the Fibzone just above the 61.% cause i believe the market will not break the fibzone. If it does, then it means my setup has been invalidated.
For Take Profit; i use Fibonacci zone at level 50% because the market will definitely reach there for a correction destination (Becareful though because some of the platforms are highly manipulated to prevent this).
So, currently i am awaiting scaling in as the market attempts to make it's 1st major minor correction after taking a swing high in the zone...and you can se where the market turned on the recent swing low, it's a fibonacci zone of the last level occured as the market was about to reach the fibzone on the touble top you see, however, this doesn't prevent the market from going full on all levels.
So, i have then measured a minor correctio and once the market reaches it, it's a sell!!! and you can see that it broke my inside Ascending trendline and now it will also retest it while landing on the fibzone for a sell! It's gonna be a double confirmation; 1. Fibzone 2. Retest on my Ascending trending.
I hope it makes sense. TPlease tell me what you think of my analysis and let's engage.
I thank you.
Cheers....
Take a minute to understand how i came about this analysis using my easiest strategy base on Trendlines and Fibonacci Retracement tool.
As you can see, i have had 3touches on my Resistant ascending trendline, and there are also 3 touches i am excpecting on my Support Ascending trendline.
The market reached the 3rd touch by landing on the fibonacci retracement zone 50%_61% - Fibonacci is used to measure the correction destination where the market correction will end.
And in this case it ended on 50% level and at the same time , gave me a 3rd touch (Very sensitive touch when on Fibzone).
So, to me this became a HIGH PROBABILITY SETUP with 2 confirmations to sell:
1. 3rd Touch on my Ascending Trendline
2. Fibonacci zone 50% correction.
After that, i used the Fibonacci retracement tool again to now measure the correction 50% of the 3 levels because after 3 levels (especially with 3rd touch) the market makes a massiv correction of all the 3 levels, not one as in the 1st level and 2nd level, BUT all the 3 levels. This is a MEASURE CORRECTION!
For stop loos; as i am using Fibonacci to enter 50%, i place my stop loss outside the Fibzone just above the 61.% cause i believe the market will not break the fibzone. If it does, then it means my setup has been invalidated.
For Take Profit; i use Fibonacci zone at level 50% because the market will definitely reach there for a correction destination (Becareful though because some of the platforms are highly manipulated to prevent this).
So, currently i am awaiting scaling in as the market attempts to make it's 1st major minor correction after taking a swing high in the zone...and you can se where the market turned on the recent swing low, it's a fibonacci zone of the last level occured as the market was about to reach the fibzone on the touble top you see, however, this doesn't prevent the market from going full on all levels.
So, i have then measured a minor correctio and once the market reaches it, it's a sell!!! and you can see that it broke my inside Ascending trendline and now it will also retest it while landing on the fibzone for a sell! It's gonna be a double confirmation; 1. Fibzone 2. Retest on my Ascending trending.
I hope it makes sense. TPlease tell me what you think of my analysis and let's engage.
I thank you.
Cheers....