Tools Used
- Fibonacci
- Support and Resistance
- Pivot
Advance Pattern
- double top
- ABCD Pattern
- Butterfly and Bat
the trade that you can see in the video is going down. however this trade has to have confirmation first.
Confirmation needed
Confirmation needed
1. if it will not break out the Resistance or close price after break out. then I will make a trade.
2. if it will have rejection and momentum going up is fading I will make the trade
3. Since Stop lost is more than 50 pips, then i could not create advance setup. Ill be observing this pair
4. if everything is on opposite then ill will be waiting for pull back on 1hr time frame before take trade.
Pattern
1. Butterfly which i prefer to trade the ABCD. the X point is based on the Support and Resistance and pivot. which the entrancement is more than the requirement of Butterfly (AB must be 0.716)
2. Bat pattern is the full arm based on 1 day time Frame which the completion of butterfly is exactly .618 retractment
3. ABCD pattern on Butterfly have same entry point on the extension of XA. which is the 127. while the ABCD pattern ends on 1.618 which is both have the same price location. thats why this give me another confidence.
Note:
MACD Cross over on 4hrs did not cross yet meaning chance is still high to go up,
RSI in 1hr shows that it reach the maximmum buyers so there will be selling anytime soon.
Be advice trend is going up but it is giving huge potential to start on trading low.
Other Currency that is in my watch list
GBPJPY = Pound yen
1. Butterfly which i prefer to trade the ABCD. the X point is based on the Support and Resistance and pivot. which the entrancement is more than the requirement of Butterfly (AB must be 0.716)
2. Bat pattern is the full arm based on 1 day time Frame which the completion of butterfly is exactly .618 retractment
3. ABCD pattern on Butterfly have same entry point on the extension of XA. which is the 127. while the ABCD pattern ends on 1.618 which is both have the same price location. thats why this give me another confidence.
Note:
MACD Cross over on 4hrs did not cross yet meaning chance is still high to go up,
RSI in 1hr shows that it reach the maximmum buyers so there will be selling anytime soon.
Be advice trend is going up but it is giving huge potential to start on trading low.
Other Currency that is in my watch list
GBPJPY = Pound yen